Blighted as a landlord after major claim?

by Readers Question

9:03 AM, 10th January 2018
About 9 months ago

Blighted as a landlord after major claim?

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Blighted as a landlord after major claim?

After a pipe leak caused a £130k claim (not quite yet settled) I find myself unable to find tenanted insurance. The letting agent insists on landlord insurance and my obligation to provide it is written into their standard tenancy agreements.

The insurance lapsed in June 2017, but I couldn’t get meaningful cover while renovations were ongoing.

My existing insurance provider “cannot offer me terms” and so refused me a quote.

So I face having to sell the property as I’ve been blighted as a landlord. Or maybe just the property is blighted, yet to find out.

Where can I go with this?

Many thanks

Mark



Comments

Luke P

10:29 AM, 10th January 2018
About 9 months ago

I may be able to help, if you can hand me a contact?

Darren Peters

10:36 AM, 10th January 2018
About 9 months ago

Surely it's easier to find another letting agent than to sell the property?

Annie Landlord

11:17 AM, 10th January 2018
About 9 months ago

That's a huge claim. What on earth happened? I can understand that no-one will provide a quote until the claim is fully settled. The insurer can't accurately assess the risk until the outcome of the claim is known. I hope you get something sorted soon

terry sullivan

12:06 PM, 10th January 2018
About 9 months ago

in france, insurers cannot dump you?

Jason McClean

15:32 PM, 10th January 2018
About 9 months ago

Hi Mark

The issue you may have is if the claim is ongoing and not settled, then other insurers will not want to touch it in case of any dispute with the old insurer over liability if something happens again. That's not to say it is impossible, but I'd need to speak with you to go through this.

If the claim is settled, then we should be able to offer insurance cover to you.

If I can help, please visit http://www.thehomeinsurer.co.uk or call 01832-735388.

Best

Jason McClean

Chris Daniel

11:31 AM, 11th January 2018
About 9 months ago

Reply to the comment left by Jason McClean at 10/01/2018 - 15:32
or,... Just let it yourself - don't use an Agent ( at least for a year until the Insurance is settled and you find an acceptable quote. )

Jason McClean

11:42 AM, 11th January 2018
About 9 months ago

Hi Chris, not a great idea to have no insurance, all it takes is a fire and you could be facing the rebuild value all by yourself.

Difficult situation, but not impossible.

Ray Mo

12:11 PM, 11th January 2018
About 9 months ago

Perhaps I have misunderstood this post...

Most LLs simply have the building insurance and the contents insurance is down to the tenant to have in place...

If there is a pipe leak causing that much damage...wouldn't it just be a case of claiming on the building insurance...

Perhaps I have the blinkers on as I rent the property unfurnished to the tenant...


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