Whether you intend to set up home abroad more or less permanently or whether you are living and working overseas on a contract for the next few years, you may have considered the attractions of investing in buy to let property in the UK.
Such an investment may offer the prospect of capital appreciation in the value of the property, a steady income stream from rents, or even the reassurance of your having somewhere to live if you choose to move back to the UK.
If such an investment appeals – or you have decided to rent out your current UK property whilst you are overseas – then landlord’s insurance for expats needs to be considered.
Any property you buy to let is likely to represent a significant investment – the bricks and mortar alone risk serious damage or even a total loss. Without adequate insurance, you face the prospect of having to pay for the complete reconstruction of the property.
But it is not only the structure and fabric of the property you may need to safeguard. As often as not, you are likely to own some proportion of contents, which also need to be protected against such major risks as fire, flooding, storm damage, impacts, vandalism and theft.
Since the property represents the core business asset, generating the rental income on which you depend, a serious insured event might leave you substantially out of pocket if it becomes impossible for tenants to continue to occupy the building. In that event, landlord’s insurance for expats typically offers compensation for your loss of rental income.
A further critical area of protection concerns your ongoing liabilities as the owner of the property. If a member of the public, a tenant, or one of their visitors suffers an injury or has their property damaged, you may be held liable and ordered to pay a hefty sum in compensation. Landlord’s liability insurance typically helps to indemnify you against such claims.
In addition to these principal areas typically covered by landlord’s insurance for expats, there may be additional concerns which are addressed by certain insurers in particular:
Here at UKinsuranceNET, we are experienced in arranging landlord’s insurance for expats – we understand their needs in the same way that we understand and have an in-depth knowledge of the range of products offered by their respective insurers.
We are able to ensure that your principal concerns are addressed in protecting the structure and fabric of the building, its contents, your landlord liabilities and risk of loss of rental income. But we are also able to identify those insurers which extend cover to areas otherwise not included in other landlord insurance policies.
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