As a landlord, you do everything in your power to ensure that your property is left just as it was found when any tenant moves out. References and deposits are essential to protect yourself should your tenant not turn out to be quite as trustworthy as they may have appeared to be. However, things can still go wrong even when you have the perfect tenants. Accidental damage is something that can often not be helped, so knowing how to deal with them is essential.
Accidental damage insurance
If you decided to leave out the accidental damage part of your insurance policy, you may be left wishing you could turn back the clock when the inevitable happens. Spills and stains to carpets and walls can be cleaned, however, although usually a relatively minor job, it may still come at a cost to you. Cracked shower trays and dropping the shower head are some of the most common tenant accidents, however, the most common comes at a much higher repair cost.
In the study by Total Landlord Insurance, it was found that flooding due to leaving the bath tap on is the incident most likely to cause a dent in your bank balance if you are not covered by accidental damage insurance. The cost for this type of incident goes into the thousands, plus additional rent loss claims due to the property becoming uninhabitable.
When the tenant pays
However, some issues of accidental damage may be small enough for the tenant to pay for themselves. The tenant must report any damage to the landlord and the cost of the repairs or replacement items must come from the tenant. This doesn’t include general wear and tear which is seen as the effect of normal day to day living. This may be part of the reason that more and more landlords are now refusing to accept students as tenants in their property.
Landlords are advised to ensure that they have a full inventory of their home to protect items left there. Some find property inventory software such as that found here https://inventorybase.co.uk/ can be a helpful tool in keeping track of their property and any current issues.
Accidents happen, but as a landlord, it’s important that you know where you stand when they do.
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