Landlords insurance

James2024

Hello, My landlord's insurance is due for renewal and I would like to change company as the premiums have increased significantly over the last few years. Unfortunately, my central heating boiler recently leaked and damaged the carpet below.  I have a contractor coming to replace the carpet and check for any ceiling damage at the same time,  but this will not happen until after my insurance is due for renewal. I agreed with the agent that if the contractor does not find any ceiling damage, then I will just replace the carpet and not claim off the insurance. However, if there is ceiling damage, I may want to claim off the insurance.  Am I right in thinking that if I change company I would not  be insured (as the leak would have happened before the renewal)? Any advice would be gratefully received.

Nearlyold

Yes you're right it would not be possible to claim for the repairs from the new insurer.  You may however need to inform them of the incident depending on what they ask you in your application (it's quite common to be asked about any previous incidents that could have resulted in a claim even if you chose not to claim.)

Is your current insurer aware of the incident? 

DullGreyGuy

You claim off of the policy that was in force at the time of the incident that lead to the loss. Escape of Water claims are fairly often declined because when the damage is exposed it's clear that the issue had started long before the policy incepted. Those people are free to go back to their prior insurer to attempt a claim off of them.

James2024

Thanks for your replies, much appreciated. I didn't realise I could still claim from my previous insurer even after I had changed companies. The company is not aware of the issue and as yet I haven't changed insurance.

DullGreyGuy

James2024 said:

Thanks for your replies, much appreciated. I didn't realise I could still claim from my previous insurer even after I had changed companies. The company is not aware of the issue and as yet I haven't changed insurance.

There are two ways policies can be written... date of loss or date of claim. All personal lines insurance is written on a date of loss basis so the claim is always made against the insurance that was in force when the incident happened. This is painful for insurers as their liability can have a tail of years but makes life easier for the policyholder.

Claims made policies are most commonly seen for professionals buying Professional Indemnity (insurance against having given bad advice) and the claim is made against the policy in force on the date the claim is received against you not the policy in force on the date the advice was given. Insurers love it as the day the policy ends means no new claims can come in so closes much quicker but as a buyer it means you need to keep buying insurance for 6 years after you stop giving advice just in case but does avoid arguments if you had a 2 year engagement spanning 3 insurance years and it would be messy how a claim should be apportioned across the three policies if the client basically says the whole thing was wrong.

James2024

Thank you. That is a really helpful answer. I have emailed my insurance company to find out which of the two types of policy it is.

DullGreyGuy

James2024 said:

Thank you. That is a really helpful answer. I have emailed my insurance company to find out which of the two types of policy it is.

It will be claims made... all personal lines is and the majority of SME too other than Prof Indem in the UK.

France is where things get weird, but it is the French