Bebenace

Unoccupied Insurance For Landlords

Written on November 10, 2011 – 5:44 pm | by admin

When we think of insurance we usually believe that it should only apply to those things that we use most often. If you have an old mobile phone lying around then it is doubtful that you will pay any monthly or annual insurance for it. Similarly, if you have a car in the driveway or garage that is not used then why pay insurance for it if it never moves? Thinking the same way about house insurance however is dangerous and could end up leaving you with a large bill to foot.

Some people, and landlords, believe that if the property is lying empty then your original insurance will cover it. This is especially true of landlords as sometimes their property’s for rent can lie empty for quite a long time especially if they are aimed at the student market and are up for let during the summer months when everyone is at home. Your original insurance will only cover an unoccupied property for 30 days and after this period you need to have what is called an Unoccupied Property policy that can be found in Just Landlords insurance offers.

By taking out this policy you can be sure that the property in question will be correctly insured after the initial 30 day period is up. Why is it important to get insurance for a property that isn’t even used? Well if you are a landlord or developer then it is unlikely that you will have the property lying around for long. It is also a fact that unused properties stand the most chance of being broken in to and damaged so if you want to get the vacant lot occupied quickly it is important to have proper insurance to cover any damages or break-ins that will likely happen with the house or flat lying empty for weeks and months at a time.