Overseas & Non-Resident Landlord Insurance

If you choose to take our an overseas or non-resident landlord insurance policy for your UK property, it is simple to get that cover when you use an experienced provider like Falcon Insurance.

Overseas landlord insurance and non-residents insurance are two types of cover which you can take out as a landlord who owns property within the UK, but who does not normally reside within the UK. This type of cover ensures that you can continue living abroad, safe in the knowledge that your properties in the UK have insurance.

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What is Overseas Landlord Insurance?

Overseas landlord insurance is a type of insurance policy taken out by those who own property within the UK, rent it to other people, and who do live in the UK normally. This type of cover exists so that you can rent out your UK home while you are abroad, knowing that your property, the building, and in some cases the contents, are all covered by insurance.

Overseas Landlord Insurance Mitigates Risks By Covering:

  • Lawyer fees should legal issues arise
  • Loss of income from tenants
  • Protection and help in public liability cases
  • Mitigation for the costs of intentional damage
  • Insurance for the building itself

Your tenant is responsible for the contents insurance inside a non-furnished flat. However, if you provide a fully furnished apartment as an overseas or non-resident landlord, then you ought to consider contents insurance as an add-on to your landlord insurance policies.

What are the Different Types of Landlord Insurance?

There are plenty of types of non-resident and overseas landlord insurance to choose from. When you opt for a specialist insurance broker to operate on your behalf, you can chop and choose which parts of each policy are useful to you.

Types of overseas landlord insurance cover might include the following.

Loss of Income

You may wish to insure your property against a loss of income should your tenants not pay rent.

Public Liability Insurance

Although not a legal requirement within the UK, public liability insurance is a recommended component for every overseas landlord. It offers legal protection and compensation for those who are injured upon your property.

Empty Property

If your property is likely to sit empty for longer than a month at a time while you are abroad, then your normal insurance policy is likely to run out. In this case, you require unoccupied property insurance to protect the building.

Buildings Insurance

You need to insure the brickwork, the roof, the windows, the doors – buildings insurance covers the material aspects of the home.

Contents Insurance

If you offer an unfurnished home, you may not need this cover. If your tenants use your furniture, then we suggest you add contents cover to your business insurance.

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How Much Does Overseas Landlord Insurance Cost?

Since the price varies per policy it is impossible to tell how much overseas landlord insurance costs. We can only guess based on factors such as the size of your voluntary excess and the value of your property.

What is Non-Resident Landlord Insurance?

Non-resident landlord insurance is similar to overseas landlord insurance, however, the landlord in question is not, and has never been, a UK resident. This applies to landlords who bought property in the UK but live abroad. It is often used to describe business owned property.

What are the Types of Non-Resident Rentals?

There are different types of rental property when it comes to non-residential and overseas landlords. Each type of rental has different demands. However, all of these types will require non-resident landlord insurance to protect.

Different types of letting contracts include Airbnb’s, second home ownership, or retirees. You may let to students or run an HME, where the home has multiple occupants who are not related to one another. You could let to those in full time employment or you could let to those on social benefits, where you receive part of their rent from the government.

There are many types of non-residential rental agreements. All have one thing in common: the landlord does not live within the UK.

How Much Does Non-Resident Landlord Insurance Cost?

The cost attributed to your non-residential landlord insurance in the UK will vary depending upon multiple factors. These factors include how much you paid for your property and its market value, whether or not you have obeyed all the security advice, how much cover you want and what your excess is. Since each policy is different it is impossible to tell outright how much your non-resident landlord insurance will cost.

Tips for Finding the Best Price on Overseas and Non-Residential Landlord Insurance

If you want to find the cheapest possible quotes for overseas/non-resident landlord insurance, then you will need these tips. Try the following things:

  • Shop around – quotes are free and you can compare prices easily
  • Place a deposit – if you place a deposit on the insurance up front, this amount will be deducted from your policy
  • Make sure the UK property you want to insure as landlord follows security tips such as having alarms installed and using extra locks or cameras.
  • Up your risk – if you increase the amount you are willing to pay for your insurance excess, then you can often decrease monthly premiums.
  • Pay annually – if you can afford to, paying your insurance premiums annually will work out cheaper than seeking a credit agreement for monthly payment.
  • Seek out a specialist – you may think you can get great deals on insurance by yourself but seeking the assistance of a specialist insurance provider will give you access to a whole new network of providers and deals.

Importantly, buying insurance for your business is rather like seeking out legal representation. You want someone who knows what they are doing. Falcon have years of experience as a leading provider of insurance for business, charity, and personal policies.

Overseas Landlord Insurance and Non-Resident Landlord Insurance in Birmingham

Our Birmingham based insurance brokers are perfectly placed to provide your business, charity, or private client, with the insurance which is perfectly tailored to them. By choosing a specialist insurance provider in England and Wales, you choose to secure your assets comfortably, assuredly, and with minimal fuss. From insuring your fleet to insuring your business, give us a call on 0121 679 7265. Our skilled team members are ready and waiting to help.

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