Landlord insurance for overseas residents give you best of both worlds. Although you might be living abroad, you can still enjoy the income from your investment in property in the UK – or from letting out your previous home – secure in the knowledge that your UK property is safely protected.
If you live overseas, you will need to take extra measures to ensure your UK property is adequately insured. When you are out of the country, it is impossible to maintain a first-hand oversight of the property or to keep abreast of developments concerning any tenancies.
Safeguarding the property and your buy-to-let business with insurance you trust is all the more critical when you are out of the country.
Expat landlord insurance itself is a specialist form of insurance that needs to be distinguished carefully from the kind of standard home insurance commonly arranged by owner-occupiers. When the property is let, it is very much a business asset and the fact that tenants, rather than owners, live there may give rise to a completely different range of risks.
Because of the different risks involved in running a buy-to-let business, insurers insist that the property is safeguarded by purpose-designed landlord insurance for overseas residents.
When buying any kind of insurance, of course you want premiums that are competitively priced. But there is far more to landlord insurance for overseas residents than price alone.
Although you are not living in the country, your ownership of the property and your role as a landlord continue to give you a duty of care towards your tenants, their visitors and members of the public. If any one of these suffers an injury or damage to their property, for which they hold you responsible, you may be ordered to pay a substantial sum in compensation. Landlord liability insurance is designed to indemnify you against such claims.
At the heart of any insurance cover, you are also likely to want reliable protection of the building itself against a whole range of risks. Some of which might be enough to destroy or damage the property so extensively that it needs to be totally rebuilt.
In many cases – and especially if the accommodation is a furnished let – you may own a valuable range of contents, which also need the benefit of protection by insurance.
Your buy-to-let property is an investment that should provide you with a steady rental income. If a major insured event leaves the property so damaged that it is untenantable, landlord insurance typically offers a degree of compensation for such a loss of rental income.
We understand what lies at the heart of your investment and the need for landlord insurance for overseas residents in particular. We also understand this niche of the insurance market and have close working relationships with all the major players.
We can match your needs to the insurance products available, giving you the cover you need.
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