Lloyds Bank have commissioned new research into what secrets tenants are keeping from their landlord. The research shows that over a quarter of tenants could be hiding expensive secrets for their landlord! These numbers will shock you…
<p style="text-align:center;"> <img title="What Secrets Do Tenants Keep From Their Landlords? - Infographic" src="https://ashburnham-insurance.co.uk/wordpress/media/tenant-secrets-from-landlords-infographic.png" alt="What Secrets Do Tenants Keep From Their Landlords? - Infographic" /> Infographic by <a title="Ashburnham Insurance Services" href="https://www.ashburnham-insurance.co.uk">Ashburnham Insurance</a></p>
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What are tenants hiding?
25% of tenants have caused accidental property damage. Many landlord insurance policies will cover accidental damage (Ashburnham actually offer malicious damage cover too!), but landlords should establish a reasonably transparent relationship with their tenants so that any damage can be attended to as soon as possible, to prevent any damage from being “fixed” incorrectly or being ignored making the problem worse.
25% have caused blockages to sinks and toilets. Blocked drains can lead to ongoing issues, and so they should be fixed properly the first time.
12% of tenants have admitted to having smoked in the property, despite their no-smoking tenancy agreement. Not only does this increase risk of fire or smoke damage, but the smell can be harder to get rid of should the tenant decide to move out and you need to re-market the let property.
12% of tenants have failed to pay rent and/or bills before. This may put them at a higher risk of falling into financial difficulties again, and being unable to pay their rent.
10% have caused a noise disturbance. Though how noisy tenants are isn’t the responsibility of the landlord, if you are also landlord to their neighbours then frequent noise disturbances may be enough to drive away the neighbouring tenants.
9% have damage caused by pets. It is not uncommon for tenancy agreements to state that pets are not allowed by default, but this can lead to tenants keeping secret pets without the landlord’s permission. Pet damage is often excluded on standard landlord insurance policies, which means that the landlord will have to cover the cost of pet damage themselves. A shocking expense if they were not aware that there was even a pet living in the property! Many landlords now ask for a larger deposit to ensure that any pet damage is covered when the tenant moves out.
6% of tenants have left their home unsecured before, leaving your property vulnerable to vandals and thieves. The amount of damage that can be caused to a property by a trespasser is unforeseeable.
5% have actually been burgled and did not report the burglary to their landlord. With so many leaving their homes unsecured, it’s no wonder that at least 1 in 20 tenants have been burgled. If a rented property has been burgled, landlords need to be notified so that they can then notify their insurer of the incident.
Amazingly, 31% of tenants have cleaned the carpet themselves before handing over the keys at the end of their tenancy to avoid losing any of their deposit. 5% have called in a professional cleaner, but in fact many tenancy agreements now state that it is the responsibility of the tenant to have the property professionally cleaned before moving out. Any cleaning left to do will be covered by their deposit. 29% of tenants have even attempted to repaint the walls themselves!
Damien McGarrigle, Head of Business Insurance for Lloyds Banking Group, has stated:
The results highlight just how important it is for private landlords to have adequate landlord insurance which will protect them from a range of common problems, from break-ins and accidental damage to loss of rental income and plumbing issues.
We know many small-scale private landlords with just one or two properties rely on regular home insurance to protect them, but this often falls short of covering the specific problems they could face.
There’s a difference between what’s covered in a standard home insurance policy and what’s covered in a standard landlord insurance policy, so it is crucial that landlords ensure that they purchase the most suitable cover for their specific situation. Make sure that you don’t get caught out by what your tenants are keeping from you…
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