Landlord Insurance for Empty Property

Landlord Insurance for Empty Property

Many insurance companies offer a specific type of landlord insurance that is designed to cover empty property that is not currently in use. Homes that are unoccupied will generally require this type of insurance in order to address the risks that many properties may be exposed to if they are left unattended. Many of the more standard landlord insurance policies regrettably do not provide adequate provisions for properties that have been left unoccupied for more than 30 days. For this reason, it may be necessary to find a landlords insurance policy that will cover any damage that a building may have been subjected to after a particularly lengthy period of time.

The following are some examples of circumstances in which an empty property insurance policy may be useful:

• A rental property that is currently awaiting new tenants
• A property that is in the process of be renovated
• Circumstances in scheduled renovations to a property have been delayed
• Circumstances in which the owner is no longer able to maintain the property
• Circumstances in which the original owner is deceased

Landlord insurance providers who specialise in this area will be fully aware of the potential risks that are associated with an empty property. Typically, this type of insurance policy will account for all the minor repairs and deterioration issues that commonly affect unattended properties, making it a highly useful insurance policy for many property owners.
In order to ensure that a landlord’s insurance policy will remain valid, insurers will insist that several measures are taken by property owners to minimise the risk of damage. They will for example expect owners to carry out minor repairs to prevent the property from sliding into disrepair. As well as this, they will require the owners to remove common signs that the property is unoccupied, such as built up junk mail etc, to minimise the risk of burglaries or other criminal activities.