8:29 AM, 26th July 2019, About 2 years ago 7
We are a portfolio landlord and due to the current S21 consultation we are disposing of some of the portfolio as they become vacant. Inevitably properties need a quick tidy up before being marketed.
Our current insurer (Hamilton Fraser) claim they offer 3 months full cover after a property becomes vacant, before it reduces to basic cover with an increased excess. However, we have found that even carrying out minor works, before placing the property on the market for sale, such as replacing a kitchen and redecorating, results in cover being reduced immediately. Even after the work has finished (in this instance the works took less than 3 weeks from start to finish) they will not reinstate full cover. In any case, even if we don’t carry out any work, unless we sell at auction it is very unlikely that we can find a buyer and complete the transaction within 3 months of the tenant vacating. We have asked HF if it would be possible to pay an additional premium to maintain full cover on empty properties, but they don’t offer this service.
Do any property 118 members have suggestions for alternative insurers who provide what we need or is it just normal to have cover reduced to Fire, Lightning, Aircraft and Explosion when selling an empty property?
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|