How to File a Landlord Insurance Claim: A Step-by-Step Guide

KPM Group - Property Management Company Ireland - Landlord Tips - Insurance

Every landlord should know how to file an insurance claim, but depending on your provider, this can be easier said than done. In this guide, we look at what you can claim for and how to make that claim.

Why do I need landlord insurance?

The need for landlord insurance is a choice, not a legal requirement. There are many different types of landlord insurance.

Each insurance covers against a different eventuality; you have building cover to protect your property, liability insurance to protect against damage caused by tenants or their guests, income loss insurance and unoccupied insurance to protect against financial loss.

It’s your choice of what, if any, you wish to ensure against. But if the worst happens and you need to make a claim, insurance can be a beneficial product to fall back onto.

What can I claim?

What you can claim will depend entirely on what policies you have in place during the incident. It will also depend on what that policy covers you for.

Claims can be broken into three categories, each with its insurance policy – building, liability and loss of income.

How to File a Landlord Insurance Claim

The most common claim a landlord will make is against damage, so in this guide, we will use a damage claim as an example, but the process is transferable.

In the event of a damage claim, first and foremost, you must assess the damage. During this stage, take as many photos as possible and note the damage. It’s also essential to check on the tenant’s welfare. If you require, you should also contact the authorities.

Once you have checked that everyone is safe, you should start documenting the damage; as mentioned, take a collection of videos, images and notes to detail the damage correctly. It’s also important to note anything missing; police reports are mandatory if the claim relates to theft or vandalism.

Once you have documented the damage sufficiently, it’s time to contact your insurance agent. Most reputable insurers will have an out-of-hours number; once you have contacted them, they will provide you with the required forms to complete the claim.
It’s essential to remember that an insurance adjuster has the right to visit your property, do not try to fix or tidy up the damage in any way, or your claim may be voided or, at the least underpaid.

Once you receive the forms from your insurer, it’s important to fill them out as quickly and honestly as possible; if they require a statement of what happened, then it’s best to ask the tenants for this, but make your comments on it the validity of their statement.
After submitting the forms, you should keep the documents you have collected. Sometimes, other problems can occur after submitting documents, such as a legal claim.

How to Prepare for Landlord Insurance Claims

While renting out your property, there is always a chance that an incident may occur that causes you financial hardship. Planning for these situations can ease your mind.

One of the best steps is to do an inventory or get a third party to do it on your behalf.

You should make a list of the valuables inside your property. This may include the prices of appliances, furniture, or decor. Also, keep the receipts of any upgrades to the property you may do.

Preparation will allow you and your public adjuster to assess your damages properly and promote ease and efficiency in fixing the damages.

KPM Property Managers Ireland

If you need advice on an insurance claim, or in the event of one, KPM can help.

KPM Group has helped countless landlords free themselves from managing their portfolios and trust us to deliver the maximum return on investment while providing quality property management services.

If you would like to speak to us here at KPM about your portfolio, then get in touch today, and a staff member will be happy to help in any way we can.

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