Unoccupied Property Owners - time to think of renting?

April 2012

Unoccupied property insurance rates are often between 3-4 times more expensive than insurance for the same home whilst it has people living in it. The empty building will cost you in rates, in maintenance and repairs, in insurance, and in a significant investment or asset, acting as a drain on your resources instead of making you money.

Owners of empty property should think about the possible benefits which can be gained by renting the property, at least in the short to medium term. As a landlord, insurance costs will drop dramatically, the property will stay warm, dry and well maintained, because any problems are likely to be noticed earlier, and as a result can be easier and less costly to put right.

The housing market is unlikely to take off like a rocket any time soon. Our escape from the financial doldrums will be achieved over the course of months or even years. It therefore makes good sense to utilise whatever assets we have available to generate income until the time comes when we are confident of disposing of them at a worthwhile price.

If you would like advice about transferring your unoccupied property insurance policy to a landlords insurance policy, please give us a call.

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