• Landlords Unoccupied Property Insurance

    Landlords Unoccupied Property Insurance

    Tailor vacant let property cover and compare quotes from our panel of leading insurers

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27
January
2016

What Is Landlords Unoccupied Property Insurance?

Landlords unoccupied property insurance provides specialist cover for landlords whilst their rental is unoccupied. Whilst standard let property cover will provide an element of cover to allow for occupancy between tenants, this is typically restricted to a 30 or 60 day period. Beyond this bespoke vacant property cover should be arranged, which will also cater for properties awaiting sale or undergoing renovation.

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Landlords Unoccupied Insurance – What Do I Need?

As with standard buy-to-let property cover, the core element of protection is for the building itself providing indemnity to reinstate the property to its current condition following an insured loss such as a fire claim. Depending on your specific circumstances insurers may look to restrict cover to Fire Lightning Explosion and Aircraft (FLEA), however this may be negotiable. As well as buildings, cover can be extended to include property owners liability and legal expenses cover.

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Compare Vacant Property Insurance

Insync has access to a select panel of the UK’s leading unoccupied property insurers, our dedicated property insurance advisors will take the time to understand your specific risks, helping you find the right level of cover at the right price/

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Unoccupied Property Extended Covers

In addition to your core buildings protection, you may also require cover for any landlords’ contents left at the property. Whilst it may not seem obvious, property owners liability is also a critical cover extension for vacant premises – you may be surprised to learn that should a trespasser suffer injury you could still be held legally liable!

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Unoccupied Property Cover

  • Specialist cover for medium or long-term unoccupied properties
    Specialist cover for medium or long-term unoccupied properties
  • Commercial or residential vacant properties
    Commercial or residential vacant properties
  • Recently purchased property or vacant awaiting sale
    Recently purchased property or vacant awaiting sale
  • Unoccupied property awaiting or undergoing renovation
    Unoccupied property awaiting or undergoing renovation
  • Non-standard construction or damaged properties
    Non-standard construction or damaged properties
  • Landlords contents
    Landlords contents
  • Legal liabilities as a landlord (Property Owners Liability)
    Legal liabilities as a landlord (Property Owners Liability)
  • Legal Expenses cover
    Legal Expenses cover

Why Insync for Unoccupied Property

  • We compare prices and landlords unoccupied property insurance cover from panel of 5+ leading insurers
    We compare prices and landlords unoccupied property insurance cover from panel of 5+ leading insurers
  • Instant quotations - cover and policy documents in minutes
    Instant quotations - cover and policy documents in minutes
  • Flexible cover & monthly payments – just pay for the sections you need
    Flexible cover & monthly payments – just pay for the sections you need
  • Expert advice from property Insurance specialists
    Expert advice from property Insurance specialists
  • 24 Hour Claims Helpline
    24 Hour Claims Helpline
  • Personal – Digital servicing AND your own dedicated insurance professional
    Personal – Digital servicing AND your own dedicated insurance professional

Unoccupied Claims Example

Unoccupied Claims Example

The landlords unoccupied detached property suffered a fire following a suspected arson attack, by the time the fire service arrived the fire had spread across both floors of the house. Total reinstatement cost of the fire and smoke damaged exceeded £75,000.

How Much Does Unoccupied Landlord Insurance Cost?

How Much Does Unoccupied Landlord Insurance Cost?

Each vacant property quotation is individually rated depending on the rebuilding sum insured and the specific circumstances in terms of why the property unoccupied. The location (post-code), construction and current condition of the property will also influence an insurers pricing.

How Much Should I Insure My Property For?

How Much Should I Insure My Property For?

The buildings sum insured should reflect the rebuilding / reinstatement cost rather than the purchase price or estimate value of the property. Unoccupied properties, particularly those undergoing renovation, can be notoriously difficult to accurately calculate the correct sum insured. If the property is subject to a mortgage, the lender will insist on a valuation survey, part of which will highlight the rebuilding sum insured for insurance purposes. However, don’t forget to add the cost of completed works post the survey if you are adding kitchens, bathrooms or other improvements.
Best advice is to always seek a professional valuation from a Royal Institute of Chartered Surveyors (RICS) qualified expert.