Do you need an unoccupied property insurance quote?

July 7, 2012

Landlords Insurance

Having your property standing empty is hardly likely to be considered good news by any landlord.

As much as you may wish to see your rental income hitting your bank account each month though, there may be times when your property is unavoidably vacant.

This might be for a whole host of reasons including:

  • having to carry out essential repairs or refurbishment;
  • finding that your search for new tenants is taking much longer than you had anticipated or they may have postponed or even cancelled moving in;
  • situations such as divorce or probate.

In any of these situations and there are many more, you may find that your existing cover may cease to be valid after a certain period of time and that an unoccupied property insurance quote may be required.

Obligations and conditions

Insurance of this type may typically come with a very specific set of terms and conditions over and above those that you may find with a standard buy to let policy.

Policies for this type of cover may be necessary if your property is empty for periods in excess of 30 consecutive days. Individual policies may differ on the exact number of days and we would be happy to discuss your exact requirements with you.

In addition, you may find that you might be asked to:

  • visit your property on a regular basis to carry out regular maintenance and to  ensure that any problems or damage are sorted out;
  • keep the external aspects of your property tidy and looking lived in as much as is possible, so as to avoid the attentions of thieves, vandals or squatters. This could involve cutting grass, clearing rubbish, opening curtains, leaving lights on timers etc;
  • reduce opportunities for damage due to water leaks in the property. This might involve shutting water off at the mains and draining down heating systems. Alternatively, over the winter months you may wish to leave heating on at a low temperature to help prevent damage due to frozen pipes;
  • maintain a log of your visits to the property and the work carried out on each occasion.

As a landlord, you may be comforted to know that these obligations do not only apply to you. Owner occupiers may also find that their standard buildings cover will become invalid for an unoccupied property under similar circumstances.

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