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Landlord’s Insurance for Expats
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Renting out my property in the UK and living abroad
Landlord insurance for Non UK residents
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.
Why do you need landlord’s insurance for expats?
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.
What you need to know when buying cover?
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:
- the risk of malicious damage caused by your tenants, for instance, is something that some – but by no means all – insurers may include as a standard feature of their cover;
- if the property is in an area vulnerable to flooding, certain insurers may prove more accommodating that others when it comes to arranging cover; and
- you might also want to consider any provision made for covering the cost of legal expenses involved in defending any claims against you or for pursuing outstanding rent.
Why choose us?
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.
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.