My house burnt down – landlord insurance question?

My house burnt down – landlord insurance question?

9:10 AM, 17th October 2023, About 7 months ago 18

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Hello, I would be grateful for any advice from anyone who has had a similar experience or knows anyone who has. We experienced a fire at one of our rental properties recently, thankfully all regs’ were adhered to and no one died. The fire has destroyed the majority of the house. The fire service, police and council are aware of the incident.

My question surrounds insurance claims. I have heard how insurance companies try to avoid payment and wondered if anyone has advice on the common pitfalls to avoid when making a claim. In particular, I hear that they often try to reduce the claim, by suggesting the insurance rebuild declared value has been undervalued. How can one validate the rebuild value stated on the policy at the outset of the policy application?

Thanks,

Phil


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Comments

Fiona Wilks

9:49 AM, 17th October 2023, About 7 months ago

appoint your own independent Loss Adjuster, who will work for you, rather than accepting the one your insurance will put up for you., ,be prepared for a long and at times stressful trip.

Loss Assessor

10:25 AM, 17th October 2023, About 7 months ago

Before commenting one would need to read your policy. Landlord / Tenant policies have numerous limitations in the small print.

Michael Freer

14:53 PM, 17th October 2023, About 7 months ago

This calculator should help you get a good idea of the ballpark they will be in and if they aren't you can ask them to justify why - https://abi.bcis.co.uk

Having your own loss adjuster as Fiona Wilks has said above makes a lot of sense.

Mike

14:58 PM, 17th October 2023, About 7 months ago

Would it not all depend on the Fire Investigator's report of the cause that would determine if insurance would pay. Like in a deliberate setting of fire, or bad wiring, or other items which are not covered by small print in their clauses, such as storing inflammable materials, like white spirit to clean paint brushes etc, so I don't bother with insuring my houses, they are not going to pay out so might as well save a few hundred pounds each year and get cheap labourers and rebuild it myself at cost price, 50% cheaper than builders prices.

Simon F

14:58 PM, 17th October 2023, About 7 months ago

Use a free online rebuild cost calculator eg BCIS one - there's often a link in help text on building insurance application forms.

Nikki Palmer

15:17 PM, 17th October 2023, About 7 months ago

Reply to the comment left by Mike at 17/10/2023 - 14:58
I sincerely hope that no one has a claim against you in the future or your tenants are injured by a falling roof slate. How irresponsible of you.

Steve Masters

15:39 PM, 17th October 2023, About 7 months ago

Reply to the comment left by Fiona Wilks at 17/10/2023 - 09:49
I agree with Fiona, appoint your own loss assessor who works for you. They will probably want a percentage of the claim payout but that works in your favor as it is in their interest to claim the maximum amount.

You could find the extra amount they can claim over what you would claim in your own actually pays for their services.

The amount of stress they can save you is immeasurable.

I have suffered two fires and on both occasions I appointed my own loss assessor.

Adrian Jones

15:50 PM, 17th October 2023, About 7 months ago

Reply to the comment left by Mike at 17/10/2023 - 14:58
Interesting strategy Mike, what is the value of your portfolio?

GlanACC

16:52 PM, 17th October 2023, About 7 months ago

Mike, are you for real ?

Judith Wordsworth

18:42 PM, 17th October 2023, About 7 months ago

How can one validate the rebuild value stated on the policy at the outset of the policy application?
By having the building valued by a qualified RICS surveyor.

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