As a landlord, it is inevitable that there will eventually be a period when your property will lie empty. Leaving a property unoccupied for any length of time is a risk, but it is possible to protect yourself with an unoccupied property insurance policy. We have comprised a quick guide to help you understand the details of an unoccupied property insurance policy.
The 30-day rule
Most landlords believe their property is protected by their standard insurance policy, but in many cases it does need to be arranged separately. This is because vacant properties are considered to be more vulnerable than those with tenants, so most landlords insurance policies will not cover properties which are empty for more than 30 days. If the property is only empty for a few days, it is unlikely you will need to arrange additional cover.
Repairs and maintenance work
All properties will require maintenance work or repairs, which are usually able to be carried out while a tenant is present. Larger scale projects may cause the property to lie empty for a few months, which will mean unoccupied property insurance is required. Flood damage is a regular cause for extensive repairs as the property will need to dry out before work can be completed.
Vandalism and crime
It is a fact that empty properties are more likely to be targeted by vandals and squatters, which can lead to large repair bills. Burglars are also known for targeting empty properties which they know are fully furnished with expensive items, such as televisions and other electrical items. Anything stolen during the empty period will not be covered by the contents insurance within the landlord’s policy, if it occurs outside of the 30-day rule. It is also unlikely standard landlord insurance will cover the cost of structural repairs if the damage occurred after the 30-day threshold.
As a leading provider of landlord insurance our professionals are always available to answer your insurance queries, so that you know whether your property is fully protected. If you would like to find out more about our landlord insurance services, please contact our team today.