Unoccupied Property

27 May 2015

Commercial Property Insurance Tips - Importance of Tenant Selection

Written by Jon Norman, Posted in Unoccupied Property

The key to commercial property success is delivering the right income multiple which secures the long-term value of your asset.  Ultimately this result is directly impacted by your choice of tenant(s). 

A Landlord’s ability to influence and attract the right commercial tenant, can also improve an insurers appetite, and in turn premium rating, for Commercial Property Insurance.

11 February 2015

What Type of Business Insurance Do I Need As a Letting Agent?

Written by Jon Norman, Posted in Block of Flats, Unoccupied Property, House-in-Multiple Occupation (HMO), Business, Landlords, Property

If you’re thinking of joining over 25,000 current Estate & Letting Agents across the UK by setting up your business then you’ll no doubt have spent months meticulously planning and preparing for launch. 

From location to web portals, to marketing and back office systems, there is a huge amount to consider – however one key area which is often overlooked until the last minute is Business Insurance.  This might not be the most exciting subject, but without the correct protection, you could leave your new business exposed to financial ruin.

09 February 2015

Landlord Insurance Explained - Unoccupied Property Insurance

Written by Jon Norman, Posted in Unoccupied Property

As a Landlord, chances are, one or more of your properties will be unoccupied during your period of ownership.  Whether it be a gap between tenants or a new property purchase awaiting refurbishment, you should be aware that owning an unoccupied residential or commercial property can pose serious liabilities as unoccupied buildings are more susceptible to vandalism, undetected repairs, fire and other losses.

18 November 2014

Commercial Property Insurance - What Cover Do I Need?

Written by Jon Norman, Posted in Unoccupied Property

As a Commercial Landlord, your property is subject to many risks, including social and catastrophe perils, structural issues and potential legal disputes with tenants. Purchasing a Commercial Property Insurance policy can ensure that you are protected against these risks providing more security around your investment.

29 October 2014

Property Insurance - How To Protect Unoccupied Property

Written by Jon Norman, Posted in Unoccupied Property

A sudden change in interest rates or an economic downturn can impact a tenants’ ability to pay rent and Landlords or Property Managers may find that they are forced to manage unoccupied property.

The insurance risks and liabilities associated with owning unoccupied property can be extensive, and to ensure you are adequately protected, it is important to know these risks. In addition to purchasing comprehensive Unoccupied Property Insurance cover, there are numerous preventive strategies for maintaining unoccupied properties to reduce risk and liability.

06 October 2014

Unoccupied Property Insurance - Keep Squatters Off Your Property

Written by Jon Norman, Posted in Unoccupied Property

Squatting, or living on someone’s empty property without permission, is a growing risk for property owners. The Ministry of Justice estimates that some 20,000 people squat in unoccupied properties - up from 15,000 a decade ago.

Many squatters cause damage to the homes and businesses they choose to live in. Reduce your risk by keeping squatters off your property.

28 July 2014

Unoccupied Property Insurance - Cut the water, cut the costs!

Written by Jon Norman, Posted in Unoccupied Property

Whether you are a Landlord owning either a large property portfolio or a single buy-to-let investment, you will know that insuring your property can be problematic if it becomes vacant for an extended period. Exactly why is this a problem to Property Insurance Companies? What can you do about it to reduce your Landlord Insurance premiums?

27 May 2014

Unoccupied Property Insurance - Are you liable for trespasser Injury?

Written by Jon Norman, Posted in Unoccupied Property

Properties become unoccupied for many reasons and as a Landlord, when your property or land becomes vacant, the increased risk of an insurance claim due to water damage or theft is obvious.  

However, a lesser known threat is your legal obligation and duty of care owed to trespassers and the very fact that the property is empty increases the risk of a property owners liability claim and is something any Landlord should consider seriously when looking at their unoccupied property insurance

11 April 2014

Don't like rejection - Understand your Landlord Insurance conditions!

Written by Jon Norman, Posted in Unoccupied Property

It might be boring, but it pays to understand your property insurance conditions 

Even some of the more modern buy-to-let insurance policies contain a fair amount of small print, but however dull it may be, it’s better to take the time to understand the key elements BEFORE the worst happens and a problem occurs or you have a claim rejected. 

These are just some of the key elements to look out for which may be included in your Landlords Insurance policy.  We would suggest you review your own individual cover with your insurer advisor to ensure it reflects exactly what you need.

17 March 2014

Empty Property - Do you need Unoccupied Property Insurance?

Written by Jon Norman, Posted in Unoccupied Property

Most standard buildings insurance policies will only provide cover for unoccupied or empty property for a period of either 30 or 60 days.  Beyond this you will need to ask your Insurer to extend cover or arrange a specialist vacant property insurance policy. In the first instance check your current policy document or speak to your Insurer advisor to understand existing requirements or conditions.