Insulation and fire exit challenges?
3 years ago | 10 comments
My house burnt down – landlord insurance question?
9:10 AM, 17th October 2023, 3 years ago
18
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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Member Since October 2022 - Comments: 6
9:49 AM, 17th October 2023, About 3 years 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.
Member Since January 2023 - Comments: 5
10:25 AM, 17th October 2023, About 3 years ago
Before commenting one would need to read your policy. Landlord / Tenant policies have numerous limitations in the small print.
Member Since June 2013 - Comments: 37
2:53 PM, 17th October 2023, About 3 years 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.
Member Since August 2013 - Comments: 788
2:58 PM, 17th October 2023, About 3 years 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.
Member Since October 2020 - Comments: 199
2:58 PM, 17th October 2023, About 3 years ago
Use a free online rebuild cost calculator eg BCIS one – there’s often a link in help text on building insurance application forms.
Member Since March 2015 - Comments: 124
3:17 PM, 17th October 2023, About 3 years 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.
Member Since August 2013 - Comments: 323 - Articles: 1
3:39 PM, 17th October 2023, About 3 years 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.
Member Since July 2013 - Comments: 305
3:50 PM, 17th October 2023, About 3 years ago
Reply to the comment left by Mike at 17/10/2023 – 14:58
Interesting strategy Mike, what is the value of your portfolio?
Member Since March 2023 - Comments: 1506
4:52 PM, 17th October 2023, About 3 years ago
Mike, are you for real ?
Member Since January 2015 - Comments: 1447 - Articles: 1
6:42 PM, 17th October 2023, About 3 years 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.