Letting property can be an extremely rewarding venture. There is a lot of opportunity in the market right now since more people than ever are renting rather than buying. However letting property successfully isn’t as simple as merely purchasing property and then finding tenants. There are certain precautions that have to be made to ensure that you don’t leave yourself open to risk. The most important thing for any new landlord to take care of is to get the right insurance policy.
Why Unoccupied Property Insurance is Important
There are many risks that come with letting property so having a good insurance policy is vital. However one type of cover that too many landlords overlook is unoccupied property insurance. Unoccupied property insurance is vital if you have any vacant properties in your portfolio
It’s a known fact that unoccupied properties are a big target for thieves and vandals. Unoccupied property can also be at a lot of risk from fire damage. As a landlord you have to anticipate that you’ll have unoccupied property at certain times so it’s better to get it covered rather than waiting until it’s too late.
Other Types of Cover
Whilst it’s important to have unoccupied property insurance, it’s also good to be aware of the other types of cover that are available. Landlord insurance policies are highly tailored as no two landlords have the exact same requirements. That being said there certain standard types of cover that can be found in almost all landlord insurance policies. Below are some of the most common types of cover you’ll find -
- Building Insurance – This is the foundation of any landlord insurance policy. Protecting the buildings themselves is vitally important as structural damage can be extremely expensive to repair.
- Contents Insurance – Whether or not you need contents insurance will depend on if you offer your properties furnished. Modern furnishings and contents can be very expensive and can be damaged or stolen quite easily so it’s always worth protecting them contents insurance.
- Public Liability – If a tenant or member of public were to make a compensation claim against you it could be potentially devastating. Public liability insurance will provide cover if you had to make a payout in such a case.
Finding quotes for unoccupied property insurance is not difficult at all. You should always aim to get multiple quotes from different providers so you can be sure that you’re getting a good deal on a policy.
The best way to do this is to use an insurance comparison site. There are many of these sites online so finding one will not be difficult. The advantage to using an insurance comparison site is that you don’t have to get quotes individually from different insurance providers.
Find more information at http://www.multiquoteunoccupiedproperty.co.uk