The property market in the UK remains especially buoyant. In recent years, yields from property have realised greater returns than any achieved through savings, stocks and shares or other common forms of investment.
But you may not necessarily currently be resident in the UK to enjoy the gains an investment in property may bring. The appreciation in capital values, combined with the prospect of a steady income from rents, makes property investment an attractive prospect for residents and expats alike.
There is one concern likely to be shared by any expat property investor, however, and that is investment property insurance for overseas residents.
Investment property in the UK is considered in quite separate terms to property in which you intend to live as your own place of residence.
Investment property is essentially a business asset, rather than the owner’s home, and this distinction is recognised by institutions lending money for the acquisition of such property.
It is an important distinction equally recognised by insurers, who take the view that the risks faced by let property – premises that are occupied by tenants rather than the owners of the building – are of a different nature and order to those faced by owner occupied property.
It is because of those differences that special investment property insurance for overseas residents is required and why this is different to the standard forms of home insurance likely to be arranged by owner-occupiers.
When buying investment property insurance for overseas residents, both investors and owner-occupiers share certain areas of concern.
Principal of these is the need to safeguard the structure and fabric of the building itself against such potentially disastrous threats as flooding, fire, storm damage, impacts, vandalism and theft. This is a paramount concern for any investment property insurance.
A further paramount concern for property investors is protection of their liability against claims of negligence if a member of the public, a visitor to the building or one of the tenants suffers a personal injury or has their property damaged. Claims may assume very substantial proportions and cover typically offers £1 million indemnity – and quite frequently still more than that.
If you are an expat looking for UK investment property insurance that you are able to arrange quickly, easily and securely, your answer might lie with us here at UKinsuranceNET.
Having operated in this particular niche of the insurance market for some 15 years or so, we have built up a knowledge of the distinctive, individual needs of overseas residents and are able to match these needs with the particular insurance products on offer from the major UK insurers of investment property.
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