Protect Your Property And Stay Safe

A day enjoying the water at the beach or the local pool can be relaxing. However, water can also be very dangerous. While most people may not be worried about water damage when buying insurance, they should be. Water damage is the leading cause of property damage for Canadian business owners.

Water damage can also be caused by a backed up sewer or broken sewer and water pipes. Water damage can even be caused by a broken shingle on your roof! The biggest problem with water damage is that it is difficult to detect until considerable damage has been caused.

Sewage problems may not be so easy to detect. However, if you notice a strong odor of sewage on your property, you may indeed have sewage problems. You may also be able to tell if you notice wet spots on your property. These spots may have a bad odor or they may not.

In addition, the spot will not dry up, even during dry weather. If your problem is very serious, your toilets may back up and over flow.

In order to prevent sewage problems, take steps to keep your system in good repair. Be careful what you dump down the drain or flush down the toilet. If you notice problems, call an experienced plumber as soon as possible to fix the situation.

There are also things you can do to help prevent water damage to your building. For example, cleaning the debris from the rain spouts or gutters will help to minimize water damage. Repair broken shingles or gutters immediately or at least as soon as possible.

Likewise, replace leaky pipes or leaking fixtures in your building as soon as possible. This will not only reduce the damage from the leak, it will also help to reduce your water bill!

Speaking of the water bill, an extremely high bill is one way to discover that you have a serious water problem. Many building owners find out that they have a leak because of an unusually high water bill. If this is the case, you may need to shut off the water to the building until the source of the leak can be found.

This is why it is also important to make sure that the water shut off valve is operating properly and is in good order.

In very cold weather, you can prevent problems by disconnecting the water sources outside. You can also insulate water pipes that may be exposed to the elements or drafts from the outside. Pipes that get very cold may freeze and burst, causing significant problems including property damage.

Fire can also cause some serious problems to your property. However, there are some things that you can do in order to minimize fire risks. One of the most important things you can do is to properly store flammable liquids or chemicals in a safe place on your property. In addition, you should keep all of your equipment in good repair.

By following these tips, you should be able to keep your property in good condition and minimize the risks associated with problems caused by fire and water.

There is only so much that you can do to prevent damage to your property. Accidents do happen, and you need to make sure that you have the right insurance coverage, at the most affordable prices.

The Importance of Professional Indemnity Insurance to Letting and Estate Agents

What exactly is Professional Indemnity (PI) Insurance?

PI Insurance is there to protect professional people against claims by clients or others that their advice or performance has caused them loss in some way. Usually dissatisfied clients then proceed to demand financial compensation and sometimes such awards can be substantial. Professional Indemnity Insurance will cover the legal costs of defending any action against you, along with covering any financial award that the court may make.

Who needs PI Insurance?

In the past it was only mainly people like surveyors, accountants, engineers that needed to have PI Insurance in place. In fact it was always a condition of membership of their respective professional organisations that they maintained such cover at least to minimum levels specified.

Of course this requirement has always tended to enhance the trust that the general public places in such consultants, who were members of these professional organisations.

As time has gone by, many new professions have emerged where it has become important to have protection in place to cover claims from clients or others. Certainly letting agents and estate agents would fall into this category. What's more, it's known that Britain has become an increasingly litigious society spurred on by the proliferation of 'no win no fee' lawyers.

Where a letting agent, say, has contracts with local authorities, perhaps to source suitable properties for their social housing tenants, it is normal for such authorities to demand that the agents concerned have PI insurance in place.

Remember also that assuming your agency is part of an Ombudsman scheme and all approved ombudsman schemes require that their members maintain valid PI Insurance.

Dissatisfied landlord clients

As you know, you are often called upon to carefully vet tenants for your landlords. Supposing a bad tenant slips through and the landlord claims that you effectively failed in a duty of care to thoroughly check their references etc. That landlord may decide to make a claim against you. Another example is where a landlord may claim that there is a critical error in the wording of the AST agreement you use which may have perhaps allowed a rogue tenant to remain in the property longer than the landlord would have liked. Again, they may make a claim against you.

Some more examples of typical PI claims

• Lack of clarity regarding your commission
• Overstating the rental value of a property
• Issuing a defective rent review
• Failure to pass on details of offers received to the seller
• Dishonesty of your employees
• Underselling a client's property
• Fraud
• Issuing a defective notice of rent review

A few examples of things typically covered by this insurance

• Compensation for court attendance
• Civil Liability
• The Estate Agents Act
• Ombudsman cover
• Negligence
• Loss of documents

So, as a professional letting or estate agent I trust you can see just how important for the future security of your business it is to maintain valid Professional Indemnity Insurance.

Homeowner Insurance: Does It Cover Water Damage?

When it comes to water damage, many homeowners are confused because they don't know what exactly is covered by their insurance and what not. Water can ruin your floors, furniture and walls which will cost a lot of money to repair. You can have other problems too, like mold which can cause serious health issues.

What is covered?

Damages from floods will not be covered by a homeowner's insurance. If you live in a flood risk area, you'll need to buy flood insurance. The types of water damage that are covered are not as serious, but they can still be a nuisance if not taken care of.

Homeowner's insurance is of three types: HO1, HO2 and HO3. HO1 is the cheapest but will not cover certain types of damages, which can include water. HO2 is the average policy, with moderate premiums and deductibles and they cover most of the damage that your house is likely to suffer. HO3 is the most expensive of all three, but it comes with a lot of perks and it covers many situations.

What is covered depends on what policy you have. It is essential to know that water damage is only covered if it's caused by external factors. For example if the temperature drops and your pipes burst, you will be covered, because it was not your fault. However if a pipe is leaking and you do not repair it, don't expect the agency to pay for the damage. As long as the water damage was caused by external factors, you will be covered.

Keep in mind that a homeowner's insurance policy will cover damages done to your interior and basement! Your lawn is not covered against water damage.

Final words and conclusion

It is important to know what your policy covers, so go and read it carefully one more time. You can raise your rates if you call your agent about a damage that is not covered by the policy.

If you live in a high-risk flooding area, it is important to buy flood insurance. You should also have life insurance for when something happens and you lose your life. In many cases, home insurance's coverage will not be enough to put your family back on track after a flooding disaster!

In conclusion, most house insurance policies will cover water damage caused by external factors. If you have a hard time finding out what is exactly covered, get help from an insurance agent or broker.

Homeowner's insurance is an important investment, but it will not help you in case of flooding. If you want to secure your family's financial future, make sure you have life insurance!