Top five ways owners can prepare their properties for storms and floods

With winter in full swing and adverse weather events becoming increasingly common, there are a number of simple checks property owners can make to ensure their buildings are suitably prepared to withstand the testing environmental conditions ahead.

By following the checklist below, commercial and residential landlords can reassure themselves that they have taken the most important steps to avoid unwanted incidents that could be caused by the successors to Storms Agnes, Babet and Ciarán.

1. Inspect guttering, chimney stacks and roofs, in particular flat roofs as they are generally most vulnerable during a storm. Check for and remove debris and any standing water. Get flat roofs inspected by a roofing contractor every two years and ensure that any necessary repair work is carried out.

2. Conduct a visual inspection of surrounding trees. Overgrown or dead branches can often become dislodged during a storm, which could cause damage to your property or that of a third party. If you have any concerns following the inspection of the trees, contact an arborist to carry out a survey and remove any potentially problematic branches.

3. Check the drainage at your property to look for blockages. Clearing any blockages before a storm hits can help prevent water getting backed up and making its way into the property.

4. For unoccupied properties, make sure all visible pipework is insulated to help prevent burst pipes and carry out regular inspections to make sure no damage has been done.

5. For occupied properties, commercial and residential landlords who make sure lines of communication with their tenants remain open enable the latter to quickly report any issues to help prevent excessive damage.

Before storms or floods impact your property this winter, check that your buildings cover is arranged correctly and investigate the rebuild value through a chartered surveyor.

Importance of setting correct rebuild value

According to RebuildCostASSESSEMENT.com, 80% of all properties in the UK are underinsured and covered for just 68% of the total sum they should be. The website’s latest statistics reveal a staggering shortfall in commercial property rebuild values, estimating that the sector is underinsured by £340 billion.

Setting the correct rebuild value for your property can be tricky, but it’s extremely important to undertake a regular review of your sums insured. Incorrectly setting a rebuild value for your property insurance will influence the way your insurer will respond to a claim, in turn affecting your ability to recover from a loss.

Condition of average

Property insurance includes a clause known as the condition of average which, when applied by insurers following a claim, means the policy will not respond in the way in which it was intended, resulting in a lower settlement than required. Simply put, the condition of average says that if your declared insured value is X% of the true value, then you have only paid X% of the premium due and will therefore only receive X% of your claim.

For example, let’s say your property rebuild value is currently set at £500,000. Following a total loss (of £500,00), the insurer discovers that the actual rebuild value is £1,000,000. It will then apply the condition of average, resulting in a claim payment of £250,000.

Most property owners would find it extremely challenging to recover from such a situation.

To speak to Insurance Choice's representative in the south west, please contact Chris Hill on 07823 557119.