As flooding has impacted many parts of the UK this winter, and more being forecast, landlords should take steps to prevent flooding and deal with any existing damage as quickly as possible. Buy to let mortgages are a significant investment, so it’s crucial to protect both your tenants and your property.
If there is a chance that your property may be at risk of flooding, take action to prevent damage. Monitor the weather forecasters for any severe weather warnings or flood alerts in your area. Keep gutters clear and maintain the property so that you reduce the risk of damage from water. Keep plastic sheeting and sandbags in the property so that they are available in an emergency. You may also want to brief tenants on actions they can take to keep themselves and the property out of danger.
If flooding does occur, contact your tenants to ask them to turn off the gas and electric supply, while also staying away from any electrical appliances. Check your insurance policy to see if you are covered for alternative accommodation. Although you don’t have a legal duty to find alternative accommodation for tenants, you may want to assist if your insurance policy covers you for the cost. Retain all receipts and invoices so that you can submit a claim following the flood.
Although buy to let mortgages are generally a sound investment, it is better to check that you’re covered for flooding or other risks which could have an effect on rental income. Seek advice from a CeMAP qualified mortgage adviser who may be able to help you source reliable insurance.
