Can I Insure an Unoccupied Property?

Yes, you can and should take out unoccupied property insurance as a landlord. Comprehensive landlord insurance coverage isn’t just a matter of protecting your property during occupancy and when tenants are living there. You also need insurance for times of the year when the place is left empty. For example, student academic terms often mean that they are only away at university for seven months of the year, and you will need to insure the property for the other five.  

Under a standard insurance policy, your property will only be insured if it is left empty for under 60 days a year. However, having a specialist landlord insurance policy will help to reassure you during periods when your rental property has no tenants living in it. You can take out reliable unoccupied property insurance with CIA landlords, and we work closely with some of the best in the business. Here we go further into why landlords need it.

Why get unoccupied property insurance? 

Anything can happen if you take your eye off the ball and leave an unoccupied rental property unattended and uninsured for large swathes of the year. Over time, problems with your unoccupied rental property can escalate, and this will hurt your pocket. You need to be able to react promptly and spring into action as a landlord if your unoccupied property encounters perils, a bespoke insurance policy will do just that. 

What does landlord insurance for unoccupied properties cover?

The coverage is pretty extensive, especially with the policies we offer here at CIA Landlord Insurance. 

Our unoccupied property insurance covers things like

• Weather-related damage (flood damage, storms)
• Fire damage
• Theft
• Vandalism
• Malicious damage

The backup of having the right unoccupied insurance is that it will help you be more agile and resolve issues much quicker!

Flexibility 

Expecting your property to remain unoccupied for large chunks of the year? We offer flexible durations for unoccupied property insurance policies, which allow you to tailor your package to your specific needs. 

Helps you comply with mortgage lenders’ requirements

Mortgage lenders can be choosy about giving mortgages to rental landlords. They often request for you to have continual insurance coverage on your vacant property in order to fulfil and comply with their terms and conditions.

Take your property security seriously

Alongside taking out unoccupied property insurance, you will have to carry out regular checks on the property. Also, it is a good idea to have property security measures in place, including cameras, burglar alarms, and so on. After all, having a place broken into is never pleasant, even if you’ve got a specialist insurance policy that covers you as a landlord.

Do you pay council tax on an unoccupied property? 

Yes, you do have to pay Council Tax on an unoccupied you own. Some local councils give discounts to landlords with unoccupied rental properties. That said, you have to pay double council tax if your property stands unoccupied for 2 years or more.

Are you considering taking out an unoccupied property insurance policy? Get in touch with our team of landlord insurance experts at CIA today.