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