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Landlord Insurance for Overseas Landlords
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Landlord Insurance for Overseas Landlords
However long you plan to spend living abroad, investment in buy to let property back in the UK may prove attractive. Not only are you likely to enjoy the capital appreciation in the value of the property, but it may also provide a steady income from the rents you receive. That is where landlord’s insurance for overseas landlords steps in, to protect your investment.
This also applies if you are letting out your previous home whilst living overseas – expat landlord’s insurance can give you the peace of mind that your property is protected against the unexpected.
Why do you need landlord’s insurance for overseas landlords?
If you decide to make such an investment, however, it is important to give more than a passing thought to its insurance.
Not only are you going to be a non-resident owner of the property, but you also need insurance specifically intended for accommodation that is to be occupied by tenants. In other words, the standard types of home insurance used by owner-occupiers is unsuitable for safeguarding the property you plan to let out.
Indeed, insurers consider the risks to let property compared to owner-occupied property are so different that a claim may typically be rejected if you have standard home insurance, but the premises are instead occupied by tenants.
What you need to know when buying cover
When buying landlord’s insurance for overseas landlords it is clearly important to know just what cover you are buying. Although the details may vary from one policy to another, the principal elements of cover typically include:
protection of the structure and fabric of the building against such potentially serious risks as fire, flooding, impacts, storm damage, and vandalism;
protection of any contents of the property you own – insurance for tenants’ property is entirely a matter for the tenants themselves – a bonus offered by UKinsuranceNET that your property in communal use enjoys entirely free cover;
landlord’s liability insurance – for protection against the risk of your being held responsible for any personal injury or property damage suffered by one of your tenants, their visitors or a member of the public; and
compensation for the loss of rental income in the event of a major insured incident leaving your property temporarily uninhabitable and therefore unable to let.
Why choose us?
At UKinsuranceNET we have grown steadily and successfully since our formation some 15 years ago and are experts in property insurance.
We have close working relationships with all the leading providers of insurance for landlords in the UK. This gives you access to an especially wide range of providers, from whom you may pick the most suitable of the plans to match your needs, take advantage of the promotions and discounts often offered by such insurers, and arrange your landlord’s insurance for overseas landlords cover quickly and easily at some of the most competitive rates the market has to offer.
Thanks to the spread of insurers with whom we regularly deal, we are able to offer elements of cover which other providers might not – by no means all of them are likely to include cover against malicious damage caused by your tenants, for example, or to give you the choice of whether or not to include subsidence cover for the building itself.
EEA RESIDENTS – WE ARE UNABLE TO PROVIDE ANY INSURANCE COVER IF YOU RESIDE IN AN EEA STATE.
The principle impact of Brexit on the insurance market is that in the absence of any post Brexit agreement (current agreement does not include Financial Services) between the UK Government and EEA member states we as UK based brokers no longer have regulatory permissions to transact business when our customer is domiciled in an EEA member state. It is not a commercial decision we have simply lost the passporting rights previously enjoyed which allowed UK brokers to operate on an Freedom of Services basis.
* 75% of all customers receiving an online quote in May 2019 could have obtained a cheaper quote over the phone, based on the information they provided