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…

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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.

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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.

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