Water damage has emerged as one of the biggest risks to landlords’ rental properties, according to a new study.
New research from landlord insurer Terri Scheer revealed that that water damage accounted for around 14% of all claims paid in Victoria and New South Wales in 2017. Nationally, the damage covered for approximately 8% of claims.
Carolyn Parrella, executive manager at Terri Scheer Insurance, highlighted the importance of promptly addressing the problem so as to avoid added expenses.
“Landlords must keep an eye out for any signs of water damage. If water damage isn’t identified early, it can impact an insurance claim if it’s found to be a long-term leak. Once water damage is found, in some cases it can be very costly to repair,” she said.
Readiness for these circumstances can take some weight off the property manager’s shoulders. This why it is also recommended to explore landlord insurance policies that protect property investors against water damage caused by bursting, leaking or overflowing water, roof guttering, drains, water tanks, aquariums, among others.
Apart from the abovementioned measure, there are a number of proactive steps landlords and property managers can take to help maintain the water supply and infrastructure in their property, as well as detect any water-related issues.
For one, it will be helpful to check the water bills. Parrella noted that unusual hike in bills can be an indication of a water damage. “Landlords and property managers should closely review their quarterly water bills for discrepancies. Unexpected increases in water usage may signal a leaking pipe underground,” she said.
In addition, clearing the gutters, monitoring wet spaces, and seeking help from professionals are some of the practices that must be kept in mind by landlords and property managers to at least mitigate the consequences of water damages.
