merit property management

24
Feb/080

Many people feel that Insurance involving unoccupied properties that are to be let out can be very hard to get and even harder to find one that will cover everything that you want to cover but this doesn’t need to be the case. There are plenty of insurers out there that can offer a very competitive quotation for an unoccupied quotation if there is a time limit on when you must have a tenant in their or if they only cover the basic perils but how do you know what the best type of insurance would suit you? Well you don’t but in this article I will try and explain the different types and then you can make up your mind.

The first type of insurance you can get is where you will have either a 60-day or 90-day time limit on the policy meaning that a tenant has to be in the property (or a lease agreement signed) within that time but whilst it is unoccupied you will only have cover for Fire, Lightning, Earthquake, Explosion, Aircraft and Subsidence but you will get full cover as soon as a tenant moves in the property. This is genuinely a good policy as it is usually a cheap premium but of course it does have the down side that if you don’t manage to find a tenant within the time limit set then the insurance company will cancel the policy.

The next type of policy that you could look at having is very similar to the one above as it will give you cover on a restricted basis until the tenant moves into the property but it is one that does not have a time limit on when you have to have a tenant in the property and because of that the property can be unoccupied for the whole year. This is generally more expensive than the policy that I spoke about above but there is obviously no danger of cancellation with this one and is a definite better option if you are unsure of when a tenant will be moving into the property or if you have to do any work or redecoration to the property.

There is one more policy that you can look at getting which is still for an unoccupied property and again would give you a year of cover even if you didn’t get a tenant into the property. This last type of policy can cover all the perils that you would normally have covered if you had a tenant in the property; however there is a larger premium to pay for this type of policy as obviously there is more risk as there would be no-one living in the property and anything that happens may take longer to be discovered.

As with anything though there will be certain conditions on the policies such as a time limit that you must check in on the property, for example you may have to check in every 7-14 days just to make sure that everything is still fine there and nothing has happened. So if you do have an unoccupied property that you want to get insured then there are various different types of insurance that you can look at but just remember that each one has their merits depending on your own situation so maybe assess your situation and then decide the best route to go down..

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For more information you can see this site on Unoccupied Properties

Article Source: ArticlesBase.com – Landlords Insurance – Unoccupied Properties