Understanding the insurance claim process for landlords

What happens throughout an insurance claim?

If you are wondering what to expect in the coming months, you are not alone. This is a common concern for landlords at the outset of a major claim. While every claim is unique and will not follow exactly the same path, there are some elements detailed here that you should expect.

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Stage 1

1

Notify the insurance company.

2

Appoint a Loss Assessor who will manage this whole claims process for you.

3

Emergency contractors need to make your property safe i.e. switching off utilities and boarding up windows.

4

Meet with the Loss Adjuster (who has come from your insurer) to discuss your claim and policy coverage. Preparation is crucial and will impact the outcome of your claim.

5

Following your meeting, the Loss Adjuster’s initial report will be submitted to the insurer.

Stage 2

6

A restoration company will be appointed to carry out initial clean up works.

7

A Chartered Surveyor should be appointed to your claim. To check their credentials, look for them on the RICS register online: www.rics.org

8

Calculations for an interim loss of rent payment should be submitted to assist cashflow.

9

If you have contents at the property, they should be listed and priced as part of your claim.

10

Negotiations with the Loss Adjuster Regarding Rent Loss and Buildings Claims.

Stage 3

11

Once the Surveyor’s building works have been agreed, contractors will tender to rebuild. You have the final say on who is appointed.

12

Once the loss of rent claim has been agreed, you should receive the settlement payment.

13

Your tenants are free to move back into the property as soon as building works have been completed.

Claim Settlement

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