Beware – Property unoccupied you must tell your landlords insuranceMake Text Bigger
Just wanted to take the opportunity to post everyone on a hugely unfortunate incident that has cost me a lot of money. In the best case I am hopeful that some readers might have encountered something similar before and managed to recover some of the loss, worst case hopefully the readers can learn from my mistake!
My company owns a portfolio of eight unencumbered single let properties in zone4 London. I work full time and my father helps manage all the properties.
Late last year a tenant gave notice and left the property, my father instructed the agent to find another tenant and they did within a month. Unfortunately this one fell through and unfortunately it went a bit quiet.
Three weeks ago we had a leak at the property which has caused £25k worth of damage at my property and £5k next door. We tried to claim on the insurance, but Towergate have denied the claim on the basis that my father forgot to inform them the property had been unoccupied for so long. Apparently, this voids the claim (despite me paying the 1yr premium in full).
We have 8 properties insured with them. I feel that one forgotten phone call has cost me >£25k.
Hope you are all having better days!
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