Cheap unoccupied property insurance

April 21, 2012

Landlords Insurance

If you have no tenants in your buy to let property and it looks as if it may stay that way for an extended period of time, then you may need to think about looking for some cheap unoccupied property insurance:

  • a standard landlord house insurance policy may provide you with the cover you need based upon the assumption that your property has tenants living in it;
  • your tenants may be in a position to notify you if there are problems which need to be looked at in your property;
  • you can, therefore, arrange to have that leaking pipe or broken window fixed before it causes more extensive and possibly more expensive to repair damage;
  • the fact that your property exhibits signs of habitation, lights in the windows in the evening etc, may help to deter thieves and vandals;
  • getting a cheap unoccupied property insurance quote from your landlords insurance broker may help you ensure that you have the cover appropriate for your position;
  • the cover provided by this kind of policy may vary and you may wish to read any policy carefully to ensure that it is appropriate for you – what may be cheap and appropriate cover for you may not be as suitable for another landlord;
  • you may find that within the terms and conditions of this type of cover there are certain obligations for you as a landlord – if you fail to comply with those then your cover may be at risk;
  • you may be required, for example, to make regular visits to your property or arrange to have someone do this for you, to ensure that essential ongoing maintenance is kept up to date and to help catch any potential problems before they turn into something more serious;
  • you may also be required to keep a record of these visits  and the work carried out on each occasion;
  • draining down heating and water systems may also be required, particularly during the winter months;
  • the terms and conditions under which unoccupied property cover may become necessary may vary depending on your standard buy to let policy;
  • with some policies the period of non-occupancy may be set at 30 days, while others may only require you to have cheap unoccupied property insurance  cover after 45 days. If your property has been empty since the inception of your buy to let cover then that period may be stretched to 90 days.
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