Understanding that a residential property insurance does not cover buy to let properties, unoccupied properties or holiday homes, is key.
Whether you own a single property or a portfolio, having the correct cover is crucial to protecting your often large investments both for damage and lack of rental income in the event of a claim.
Properties that require specialist attention include: –
Â· Commercial property
Â· Buy to let properties
Â· Holiday homes in both UK and abroad
Â· Listed properties
Â· Thatched roofed properties
Â· Properties of non-standard construction
These are just a few of the property types that can be considered under this unique category of householders cover.
In some cases regular brokers will not consider these properties and if they do the premiums will be high. Holiday homes fall into this category due to the fact that they stand vacant for months at a time. Without regular visits from the property owner this can be considered a high risk.
When taking out this type of cover you need to ensure that your property has the best cover for the most competitive price. The best way is to invite three companies to provide you with a quote. Compare the quotes thoroughly ensuring that the cover they offer is equal, not judging policies on price alone.
If the property is furnished you need to ensure that your contents are covered as well as the structure. Compare the quotes and see which company offers you the most amount of protection for the lowest price. If there are things you want included, get them added and compare the quotes again before putting pen to paper.
Thatched homes and listed properties can be difficult to get cover for, due to the expensive nature of repairing them, the difficulty in sourcing materials and the skilled craftsmen required. Companies that offer this special cover are aware of the costs needed to carry out these repairs and are therefore able to give a better quote than an average brokerage company.
Whether you have just purchased a holiday home on the coast of Dorset or a buy to let property in the Midlands, having specialist property insurance can protect your property when you need it most.