27-07-2010
A vacant rental property is not something a landlord would wish for and in the current economic climate an unoccupied property can easily become a target for criminal activity. If your buy-to-let property is, or is about to become, vacant then there are a number of things you need to be aware of so that you can not only minimise the risk to your investment but also save yourself money in the short and long-term.
If your property is, or is about to become, vacant then you must inform your landlord insurance provider. Check that you have adequate buildings cover for the period when the property will be unoccupied and that you comply with any insurance requirements. Usually it becomes restricted after a stated period of time, anywhere between 30 and 60 days in most cases and certain incidents will not be covered such as escape of water and thefts, so it is imperative that you check your policy conditions and ensure measures are taken such as turning the water off, safeguarding the property and making regular checks.
Other practical steps you can take if your property is vacant are listed below.
· Redirect post.
· Remove hazards which may harm someone entering the property.
· Give your details to your neighbours.
Vacant properties present both a financial and security risk to landlords. You can minimise the impact of the risks associated with an unoccupied property by taking a proactive approach to security, complying with legal and insurance requirements and applying for unoccupied property council tax exemptions.
If your property is unoccupied below are some examples of insurance requirements, check with your insurance provider as to what their requirements are as these can vary from policy to policy :
· Make sure fire or intruder alarms are on.
· Drain the water and heating systems.
· Install security measures.
· Carry out regular inspection visits.
· Remove combustible material such as junk mail on a regular basis.
· In the winter protect your water pipes from the cold
If you would like more information about covering a vacant property or would like to obtain a free no obligation quote call us on 01273 827090.