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Landlord Insurance for Owner Living in the US
All policies suitable for overseas landlords
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Even though you might have chosen to live the other side of “the pond”, in the United States, you might still want to maintain a foothold back in the UK by taking advantage of the money-spinning opportunities offered by a buy to let investment in rental property.
If that proves to be too good a business opportunity to miss, or if you find yourself an “accidental” landlord through the inheritance of a UK property whilst you are still living abroad, or by renting out your UK home, you are likely to need landlord insurance for owners living in the US.
Why do you need landlord insurance for owners living in the US?
If you have not owned buy to let property before, you might not be aware of the particular view taken by British insurers of the risks associated with let property – compared, for example, to the risks faced by a home where there is owner occupation.
The fact is that insurers regard the two different types of property as essentially different types of risk.
As a result, it is vitally important to arrange the appropriate type of insurance. If you fail to do so and instead rely upon standard home building and contents insurance when the property is occupied by tenants, this may typically lead to any claim you make for loss or damage being rejected.
In that event, you will receive absolutely no financial compensation even if the property has to be completely rebuilt following a major catastrophe such as a fire, flooding, impact or act of vandalism, such as arson.
What you need to know when buying cover
At the end of the day, what you need to know when buying landlord insurance while you are an expat owner is that your investment property remains as safe, secure and adequately insured as it is possible to be.
In the broadest of terms, this is likely to mean cover for at least the following eventualities:
- loss or damage to the structure and fabric of the building itself, with the worst case scenario requiring the reconstruction of the property following its total loss in a major insured incident;
- cover for any contents you own in the let property;
- indemnity for your potential landlord liability in the event of a tenant, one of their visitors or a member of the public suffering an injury or having their property damaged – claims which may assume sufficiently significant proportions for cover to be provided to at least £1 million; and
- compensation for loss of rental income in the event of a major insured event which leaves your property temporarily uninhabitable by rent-paying tenants.
Why choose us?
Here at UKinsuranceNET, we know and understand our customers’ insurance needs – including those landlords who are currently living in the United States.
Thanks to our extensive working relationships with all the leading UK insurers, we are able to match those needs with the insurance products available – at attractively competitive rates.
The breadth of the market into which we are able to tap means that you may benefit from suitably individual policies – including those, for example, that include free cover for contents in communal use, insurance against the risk of malicious damage by tenants and options as to whether or not the building insurance includes provision for subsidence.