Unoccupied property insurance is a vital aspect for any landlord to be aware of. As, in recent years, many property owners have become accidental landlords, many of the finer details of landlord insurance can go under the radar. Unoccupied property insurance is important for landlords to protect their property even when empty or in-between tenants. Here at UKinsuranceNET we’ve put together a short list of some of the important pieces of information you’ll need to know about unoccupied property insurance.
The 30-day rule
Most insurance policies won’t cover properties if they’re empty for over 30 days. Specialist unoccupied property insurance is designed to cover the added risks associated with an empty home. Here are some more things you might not have realised.
Organise your time
Arrange your policy to cover the exact time frame you need. This could just be from one tenant’s leaving date to another’s moving in date, or during renovation works. Through choosing a specific time frame you’re saving money.
You’ll need to find out exactly who will be coming in and out of the property while it is unoccupied. This will usually be workers during a renovation, gardeners or cleaners.
If you are renovating your home you’ll need to let your insurer know exactly what work is being done and where. This could affect the safety and risks associated with you home, so you must be aware of these finer details.
If your property becomes unoccupied the landlord insurance offered by UKinsuranceNET can provide up to 90 days on occupancy which covers most voids, after this 90 days then in most circumstances the cover can continue with the same insurer albeit with reduced cover.
When deciding on how much cover you need, the amount is calculated by the cost of rebuilding the property rather than the market value.
Protect both your property and your wallet by installing a quality burglar alarm and locks for windows and doors. This will save you money on the policy by reducing the risk of damage and theft to your unoccupied property.
Ensure you protect your property investment thoroughly with the right unoccupied property insurance for you. Speak to one of our knowledgeable staff today and we can guide you on the best and most cost effective solution for your empty property. Call us on 01325 346394 or contact us here.