End of Tenancy
More than ever before the end of tenancy can have a significant impact on what lies ahead for landlords of commercial property or residential property owners. At this time the stakes have never been higher, with an increase in tenants on the residential letting side unable to pay their rent as a direct result of the pandemic & job losses. With landlords simply unable in many cases to evict them, the end of tenancy may come as a pleasant relief for some landlords – they may be able to re-let or at least advertise for a tenant that will keep the cash flow coming in their direction. However, most landlords will inevitably deal with some level of unoccupancy for at least a limited period of time, others may experience much longer periods of unoccupancy. This not only causes the obvious headache with a much reduced income, it can cause problems with the insurance provider. Some buildings insurers may not be able to provide enough empty buildings insurance cover to satisfy a landlord. It’s best to speak to your provider to see what sort of cover will be available and whether or not there will be an additional premium to pay due to the building being empty.
Residential Landlords and Unoccupied Building Insurance
Residential landlords are pretty much used to change of tenancies, in a land where 6 months ASTs are common place, it is inevitable there will be the chopping and changing of tenants from time to time. However, sometimes getting that continuity of occupancy is not always possible. When this is the case, landlords should check the residential property unoccupied building insurance policy or conditions. It is common to find that, your policy will cover you, but only for a limited time and at the level of cover you would probably expect. Most insurers will allow you up to 30 days cover, and standard perils cover (what you would have had whilst the building was occupied) included without having to do much – except perhaps comply with one or two extra conditions...
After this 30 day period has lapsed however, you may be into new territory of greatly reduced levels of cover, greatly increased premiums and much anxiety about getting your property re-let to the right person. Many landlords have been in this position before, and the one thing that unites them, is if their property goes empty long enough, they might take anybody to get that cash flowing coming in again. This is where landlords need to very carefully – anything other than a professional working tenant will increase the premium due to the perceived extra risk by insurers. Take DSS, Students, Housing Association or Asylum Seekers for example, and expect your insurance premium to rise and rise drastically!
Commercial Property Owners and Unoccupied Building Insurance
Although Commercial Property Owners usually have much longer lease agreements that that of their residential counterparts, they can still be affected from time to time of periods of unoccupancy. When commercial properties do become empty, they usually are empty for much longer also. This is due to their nature and the need for ‘gutting out’ or change of use can add to this period of unoccupancy. It is therefore very important to make sure the correct commercial property unoccupied building insurance is in place. Once a commercial property becomes empty, it will more than likely be the case that the cover reduces to Fire, Lightning, Explosion and aircraft cover (or falling devices) only. Some insurers will allow for adding impact cover (cover for vehicles impacting the buildings) for an additional premium, but this would normally have to be specifically requested. As soon as the property becomes empty once a tenant vacates, it is important to tell the insurer of this change. Some insures will then be able to note the change and inform you of any extra conditions you must comply with. Some insurers will even give you a certain amount of time to find alternative cover – failure to tell them and you run the risk of never knowing any of this information and falling foul of any conditions that would normally be imposed.
Why choose the Property Insurance Centre
Independent advice by approachable staff online or by phone
Access to a wide range of insurers to source suitable insurance cover for your needs
Bespoke Insurance Schemes & Portfolio Policies available
We can tailor your policy to suit your exact needs to give you complete peace of mind
Competitive Premiums
Cover available for the buildings while the property is being converted, renovated or extended
Over 40 years experience working with the best insurers in the UK
Excellent communication so that you understand what risks you are insured against
Why choose the Property Insurance Centre
Independent broker with staff you can speak to by phone or online
Access to a wide range of insurers to source suitable insurance cover for your needs
Bespoke Insurance Schemes & Portfolio Policies available
We can tailor your policy to suit your exact needs to give you complete peace of mind
Competitive Premiums
Cover available for the buildings while the property is being converted, renovated or extended
Over 40 years experience working with the best insurers in the UK
Excellent communication so that you understand what risks you are insured against
Why choose the Property Insurance Centre
Independent broker with staff you can speak to by phone or online
Access to a wide range of insurers to source suitable insurance cover for your needs
Bespoke Insurance Schemes & Portfolio Policies available
We can tailor your policy to suit your exact needs to give you complete peace of mind
Competitive Premiums
Cover available for the buildings while the property is being converted, renovated or extended
Over 40 years experience working with the best insurers in the UK
Excellent communication so that you understand what risks you are insured against
Specialists in Commercial & Residential Insurance
We have over 40 years experience as Residential and Commercial Insurance Brokers. We find the right policy to suit your needs and understand the risks that a property owner can face in the course of ownership. We work closely with our Insurers to get the best rates and our experience and excellent relationships with them mean that we can provide cover for even the most difficult to place risks.
Whether you have an adverse claims history, a high value property or a large portfolio of properties, we can source suitable cover for you. Whatever your requirements, we can tailor a specialist property insurance policy to suit your exact needs and provide you with a range of quotes to choose from. Established in 1976, we are not a call centre but a specialist insurance broker with a traditional office mentality, where the client comes first.
Looking for a quote now? Give us a call on 0800 085 3761 or complete one of our quote request forms.
We are also authorised and regulated by the Financial Conduct Authority and you can view our registration here.
Get In Touch:
[contact-form-7 id="12585" title="New Callback"]We accept most payment types including:
Robert Fisher is a company director of the Property Insurance Centre, who specialise in Business and Property Insurance, serving clients throughout the United Kingdom. His expertise and career in insurance spans almost twenty years.
Robert’s background is in Building Surveying, which he studied at Heriot-Watt University, where he was awarded a BSc (Hons) degree. Much of his educational background is in Building Structural Safety from an engineering perspective.
The knowledge that Robert gained at undergraduate level has lent itself well, particularly as it has enabled him to evaluate the risks associated with certain buildings. This means he knows how best to place these risks and ultimately insure the properties against such risks.
His in-depth knowledge of various methods of construction has enabled him to easily identify which insurer’s underwriting criteria would best fit each client’s needs and provide the correct levels of cover.
Additionally, Robert is responsible for training the team and ensuring that they are always kept up to date with the latest industry developments. This is an area that he is naturally drawn to because of his inquisitive mind, diligence and passion for passing on knowledge to others.
He is a member of the Chartered Insurance Institute (CII) and qualified to Level 3 with the CII.
As part of the Level 3 certification, Robert has undertaken modules in Insurance, Legal & Regulatory (IF1), Insurance Claims Handling (IF4) and Insurance Household Products (IF6).
As a condition of CII membership, Robert continues his professional development by keeping abreast of the latest industry developments.
Contents
- 1 End of Tenancy
- 2 Residential Landlords and Unoccupied Building Insurance
- 3
- 4 Insurance under one roof
- 5 We are specialists in many types of insurance
- 6 Block of Flats
- 7 Unoccupied
- 8 Home Insurance
- 9 Residential Landlord
- 10 Land Liability
- 11 Commercial Property
- 12 Lockup Garage
- 13 Restaurant
- 14 Takeaway
- 15 Classic Car
- 16 Mixed Use
- 17 Tradesmen
- 18 Why choose the Property Insurance Centre
- 19 Independent advice by approachable staff online or by phone
- 20 Access to a wide range of insurers to source suitable insurance cover for your needs
- 21 Bespoke Insurance Schemes & Portfolio Policies available
- 22 We can tailor your policy to suit your exact needs to give you complete peace of mind
- 23 Competitive Premiums
- 24 Cover available for the buildings while the property is being converted, renovated or extended
- 25 Over 40 years experience working with the best insurers in the UK
- 26 Excellent communication so that you understand what risks you are insured against
- 27 Why choose the Property Insurance Centre
- 28 Independent broker with staff you can speak to by phone or online
- 29 Access to a wide range of insurers to source suitable insurance cover for your needs
- 30 Bespoke Insurance Schemes & Portfolio Policies available
- 31 We can tailor your policy to suit your exact needs to give you complete peace of mind
- 32 Competitive Premiums
- 33 Cover available for the buildings while the property is being converted, renovated or extended
- 34 Over 40 years experience working with the best insurers in the UK
- 35 Excellent communication so that you understand what risks you are insured against
- 36 Why choose the Property Insurance Centre
- 37 Independent broker with staff you can speak to by phone or online
- 38 Access to a wide range of insurers to source suitable insurance cover for your needs
- 39 Bespoke Insurance Schemes & Portfolio Policies available
- 40 We can tailor your policy to suit your exact needs to give you complete peace of mind
- 41 Competitive Premiums
- 42 Cover available for the buildings while the property is being converted, renovated or extended
- 43 Over 40 years experience working with the best insurers in the UK
- 44 Excellent communication so that you understand what risks you are insured against
- 45 Specialists in Commercial & Residential Insurance
- 46 Get In Touch:
- 47 We accept most payment types including:
- 48 UK Call Handlers & Dedicated New Business Team
- 49 Call Us on 0800 085 3761
- 50 Robert Fisher
