Many standard landlord insurance policies 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 specialist landlords insurance for an empty property, that will cover any potential damage to the building, as well as protecting the contents from theft or damage.
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 being 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.
In order to ensure that your insurance 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