PROPERTY INSURANCE FOR OVERSEAS RESIDENTS

If you live overseas but own property in the UK, those premises may be:

• occupied by tenants – providing you a steady stream of income from the rents collected; or
• temporarily unoccupied – because there may be a delay in finding tenants, an interval between one tenancy ending and another starting or because the building is in the course or extension, refurbishment or renovation.

In either of these cases, you may be interested in the benefits and safeguards provided by property insurance for overseas residents.

Why do you need property insurance for overseas residents?

Landlord’s insurance

If the property is occupied by tenants, landlord insurance is designed to protect the structure and fabric of the building itself against such major risks as flooding, storm damage, fire, impacts, and vandalism. The total sum insured typically anticipates a worst case scenario in which an insured event leaves the property totally destroyed and in need of reconstruction.

Any contents you own may be similarly insured.

Landlord’s insurance may also provide an element of compensation for loss of rental income if a major insured event makes it impossible for tenants to continue to live in the property and pay their rent.

Landlords also have a duty of care towards their tenants, visitors and member of the public such that anyone who suffers an injury or has their property damaged may hold the landlord liable and claim substantial damages in compensation. Landlord’s liability insurance is typically designed to indemnify you against such claims.

Unoccupied property insurance

If the property is unoccupied for any length of time – say, longer than a month – property insurance for overseas residents might instead need to provide empty property cover.

Empty or unoccupied property insurance recognises the special risks faced by a vacant property – from intruders, and vandals or from small maintenance problems which develop into major crises if no one is there to detect the faults in good time.

It is a separate policy from landlord insurance cover which typically only provides full cover for a property unoccupied for 30-45 consecutive days, after which the protection becomes severely restricted or even lapses.

What you need to know when buying cover

Whether the cover in place is overseas landlord’s insurance or unoccupied property insurance – depending on the current status of your property – it is clearly important to know precisely what the cover includes, since the details may vary from one insurer to another.

Some landlord insurance policies, for instance, include malicious damage caused by your tenants as a standard feature, some policies may include the risk of building subsidence, and others may include varying levels of cover for legal expenses incurred during a tenancy.

If unoccupied property insurance is in place, you also need to be aware of any conditions imposed by the insurer with respect, for instance, to regular inspections of the property or any particular requirements with respect to security of the property.

Why choose us?

Property insurance for overseas residents may be made somewhat simpler, more straight forward and easier to arrange if you choose to consult us here at UKinsuranceNET.

We offer a personal service, delivered by a team of experienced advisers, who are available when and as often as you need to discuss your insurance needs and concerns.

If you choose to accept a quote that we offer, application may be made online, for immediate insurance cover.