Common Reasons Landlords Make Claims on Their Insurance

Common Reasons Landlords Make Claims on Their Insurance

Understanding common insurance claims for landlords.

Landlords have a range of risks to deal with – and some are more common than others. Landlords have unique risks, risks that are different to homeowners’, that need to be adequately protected. To help you protect your investment, check out the common reasons landlords make insurance claims.

  • Water

This type of claim often relates to poor plumbing or pipes. A leaking or burst pipe can cause significant water damage. Indeed, flooding arising from an incident like this can often affect multiple properties. This risk can be mitigated by checking the pipes regularly and making sure that the joins between pipes are secure.

  • Storm damage

Sadly, try as we might, we can’t prevent storms. Some storms are worse than others and will cause damage to the landlord’s property, forcing them to cash in on a claim. However, landlords can take some precautions to minimize the damage suffered when a storm occurs. A properly maintained roof can go a very long way towards protecting the property from damage. Make sure any loose tiles are replaced and that it stays in good condition. Also, check that pipes and gutters are clear of debris and are sturdy.

  • Accidental damage

Accidental damage to the contents of the property is a common claim for landlords. This might include damage to carpets, broken televisions, cracked baths, and so on. Accidental damage is just that – accidental. While it is quite hard to avoid, and often completely out of the landlord’s control, landlords can minimize the risk by properly vetting the tenants. Make sure you or your agent have a thorough understanding of what prospective tenants are like. Party-loving students are, broadly speaking, more likely to cause accidental damage than a young couple with a child.

Do you have the right landlord insurance your property deserves? For your insurance needs in Phoenix, Arizona, contact the professionals at American Premier Insurance.