Energy Saving Tips For Landlords
The cost of living crisis continues and everyone is concerned about how they are going to keep themselves warm and keep the lights on. For landlords, who look after energy bills for their tenants, this is a very real worry. With energy costs increasing, so is rent and this can mean that tenants are less likely to choose your property which leads to vacant properties, bringing a whole host of additional issues. Thankfully, there are plenty of ways to save energy and keep control of your costs The major benefit of this is that if you upgrade your property, you reduce risks in your property. With property risk management, comes better claims experience on your insurance and paints a positive picture to insurers which could lead to a reduction in your flats insurance!
Keep In the Heat
The first tip we have for landlords is to keep in the heat! Not only will this keep your tenants happy, but it will help in keeping bills low. Some of these are larger tasks, but once complete the return on investment could warrant the initial outlay. Assess your block of flats and decide where you can improve the windows. Double and triple-glazed windows are great for keeping heat inside and preventing it from being lost to the atmosphere. Modern UPVC windows also look great, making your block of flats more desirable.
A modern property also poses less of a risk to insurers because it shows that it is being maintained well. Discuss your property with a specialist insurance broker. They will likely find you an insurer that will reduce your block of flats insurance premiums.
An obvious fix is installing insulation. If your property has a loft, then insulating it will improve your energy efficiency and can last up to 40 years. If you own a block of flats, it’s more likely that you will have cavity walls, these should be insulated to help with noise reduction and energy efficiency.
One of the more cost-efficient jobs to complete is draught-proofing. This includes going around the property, blocking unwanted gaps around doors, floorboards and old extractor fans. Finding these gaps will likely occur when you are completing a wider property risk management assessment, so it is an easy thing to fix.
Quick Fixes
Not all of your energy-efficient changes have to be big investments. As a landlord, there are plenty of changes that you can make that will help your block flats become more efficient. The first is, changing your lightbulbs to energy-efficient ones. Lighting can take up 15% of a typical household’s electricity bill. By changing your lightbulbs throughout your property, you can reduce your bills significantly.
Another easy way to improve efficiency is to swap appliances. If you provide white goods for your tenants, it’s a good idea to choose appliances that have a good energy rating. These appliances, particularly fridges, are left on all the time. It is therefore important to choose one that saves some energy. Like with windows, new appliances are more reliable and pose less of a risk to your contents insurance. When getting building insurance for a block of flats, make sure that any of your possessions are included. If white goods are damaged, it could be expensive for you.
Risk Management
Finally, the key to energy efficiency is to keep an eye on improvements to your property. At Flats Direct, we can help you put together a property risk management plan that will not only reduce your block insurance for flats but also help you to spot ways that you can become more energy efficient. This includes tasks such as checking boilers and getting an Energy Performance Certificate. Not only is that a legal requirement for you to present to tenants but it highlights important fixes to make.
To get a quote or for advice on building insurance for blocks of flats, contact us at Flats Direct and speak to a member of our team. Not only do we offer block insurance for flats with no hidden fees but can also help with property risk management and energy efficiency. To discuss your flats insurance coverage, call us on 0800 731 6242 or email us at info@flatsdirect-uk.com.