Unoccupied Landlord Insurance

What is unoccupied landlord insurance?

Unoccupied landlord insurance is a specialised type of insurance designed to protect landlords and their empty rental properties. Standard policies often won't cover a property that has been empty for more than 30 consecutive days.

Standard landlord insurance policies can sometimes exclude cover after this period, leaving you needing to find cover from an unoccupied property insurance specialist like Insuristic.

Alternatively, your existing insurer might agree to continue covering you upon payment of an increased premium, with additional policy conditions for you to comply with.

Please refer to your policy schedule to find out how long your landlord's insurance covers unoccupied property.

Here's why you might need a landlord insurance for unoccupied property:

• Gap between tenants: Finding new tenants might take time, leaving your property empty.

• Renovations or repairs: Renovation work could leave the property empty longer than a standard policy covers.

• New property or vacant before renting: It may take time to secure a tenant for a new property.

• Seasonal rentals: Holiday homes or student rentals might be empty for extended periods.

So sometimes it is worth approaching a specialist for a quote. Insuristic has developed an unoccupied home insurance policy for situations like this:

• You can choose from 3 levels of cover: Gold, Silver or Bronze.  More on that below.

• The policy can be arranged for a short term, 3, 6, or 9 months, or you can buy an annual policy.

• Plus, if you need to cancel the policy early, such as because you have a tenant again, we don't charge any cancellation fees.  If you have unused cover, you will also get a pro-rata refund.

How much does Unoccupied Landlord Insurance Cost?

The cost of unoccupied landlord insurance can vary depending on the provider you approach and a range of property risk factors.

The easiest way to find out is to get a quote from Insuristic.  It will only take a couple of minutes of your time.

However, if you are interested, several factors influence the price:

• The Number of bedrooms: The more bedrooms a property has, the higher the potential repair cost. Insurers often factor this into their pricing.

• The Property Rebuild Value: Some insurance products are priced at the cost of rebuilding the house, including professional and debris removal fees.

• The Location of the Property: If the property is in an area known for flooding or subsidence or has a high crime rate, this will likely increase the cost.

• Property Security: If your house has above-average security measures, such as an alarm, some insurers may offer a discount to reflect the lower risk of theft.

• Property Maintenance: If the property is in good repair, well protected, regularly inspected, and all water pipes are insulated, the likelihood of a claim is reduced. A claims-free property will cost less than the same property with claims.

• The level of cover you buy: Most landlord-occupied property insurance providers allow you to choose a level of cover.  The more cover you buy, the higher the cost.  You can find out Insuristic's cover options below.

If you want to see at a glance what is or isn't covered, please view the IPID (Insurance Product Information Document). The policy wording contains the full terms and conditions of the insurance policy. There may be other exclusions and these will be listed on your schedule.

Unoccupied Landlord Insurance: Risk Management

As a landlord, you know the importance of protecting your investment. This is especially true when your property is unoccupied.

Here are some key risk management tips to help you reduce the likelihood of claims on your landlord's unoccupied property insurance policy.

1. Property Maintenance:

• Keep it in good repair: Maintain the property in a reasonable state of repair to prevent damage and potential claims. This includes fixing leaky roofs, replacing broken windows, and ensuring proper drainage.  Your insurer will expect you to do this as a policy condition.

• Remove valuables: Empty the property of valuables, collections, art, and jewellery to avoid theft. These items are prime targets for burglars.

2. Security Measures:

• Minimum security: Adhere to minimum security requirements as outlined in your policy. This often includes secure locks on all doors and windows and potentially alarm systems for higher-value properties. Check your policy for details.

• Isolate water supply: Consider draining the water systems during winter to prevent burst pipes and water damage.  

• Keep the heating on during the winter months - if you can't drain down your water systems, you must keep the property at 15° Celsius.

3. Utility Management:

• Switch off services: When the property is unoccupied, turn off gas, electricity, and water at the mains, except for essential services like alarm systems.

4. Contractor Work:

• Verify contractor's public liability insurance: If you have contractors working on the property, ensure they have valid public liability insurance to cover potential property damage or injuries to third parties they may cause.

5. Keeping the property looking occupied:

• Redirect mail: Redirect any post and newspapers to avoid the appearance of an empty property. This can deter potential intruders.

• Maintain a tidy exterior: Keep the garden and lawns tidy to give the impression that the property is occupied.

Following these risk management tips and having the right unoccupied landlord insurance can help protect your investment and avoid costly problems.

Remember: Always check your specific policy wording for detailed conditions and exclusions.

If you need to make a claim, don’t worry.  The team at SJL Insurance Services are only a phone call away.

Between the hours of 9am and 5pm call 01905 27775. Outside of these hours call 0121 411 0535.

Check out our guide on 'How to make a claim' for further information.