Are there any additional requirements to have Non-Resident Landlord Insurance?
This will vary insurer to insurer, so it’s important to update your broker with any changes to your circumstances and requirements. There are a few items that could allow for a wider panel of insurers to consider quoting:
- UK Passport: Having a UK passport or British National (Overseas) passport is a requirement for most insurers
- UK Bank Account: This allows insurers to make faster claim settlement payments in the unfortunate event that you need to make a claim.
- UK Managing Agent: To handle the inspections and day to day running of the property in your absence. They can also be instructed to act on your behalf when discussing claims with the insurer, reducing the headache whilst you are abroad
Does Non-Resident Landlord Insurance cost more?
Not necessarily. The primary rating factors are the same as any property, such as:
- The value of the property
- The location
- Claims history
- The age, size and construction type
It’s more important to understand your relationship with the property, and anyone acting on your behalf:
- Who is responsible for sourcing and vetting new tenants?
- Who is in a position of trust to inspect the property periodically?
- Who is responsible for any tenant issues and rectify and property issues in your absence from the UK?
Can you save money on your property insurance?
As a broker, we do the searching on your behalf, to ensure you have the best balance of premium and protections. There are a few options you can explore to assist with cutting costs:
- Consider a higher excess – if you have a good claims history, i.e., you have a history of not making claims, then a higher excess could be a good way for you to reduce your policy costs.
- Reduce the risk – Consider appointing a property managing agent. Some insurers will only quote if a UK Managing Agent is in place. Appointing one, could give you access to more insurers and provide you with peace of mind whilst away from the UK.
- Ensure your building sums are accurate – Its good practice to review your sums insured periodically to ensure accurate. To check your sums insured, you can get your property professionally assessed by a RICS qualified surveyor or using a rebuild calculator.
Here are some useful links:
