As an investor in the property market, whether it be in a holiday home in the UK or abroad, or as part of the booming rental market, you will often have two or three properties to deal with at any one time, and while these can be lucrative sources of income throughout the year, it is also important that you are always paying attention to them.
This is something that becomes particularly important when dealing with rental properties. The market may be good at the moment, but you will inevitably have some form of void at some time throughout your investment period where the home is empty between tenants, so you need to know how to deal with these.
It’s all too easy to think ‘it’ll be fine’ and leave the home empty, but there are a range of factors which can lead to damage and subsequently large bills if you do not make sure you have a stringent empty house insurance policy in place. These are important because many problems will not be covered under a standard policy if the house has been unoccupied.
Weather damage
This is the most common issue that can occur when homes are left empty for any period of time because the fact someone is not around to notice issues can mean that they worsen and end up damaging the home.
For example, if there is a leak in the roof due to broken and missing tiles and heavy rain sets in, water can easily get into the home. If this is left untreated, it can lead to lagging and even collapsed ceilings, which can cost a lot to fix if you are not insured.
The biggest issues can arise in winter though. It is all too tempting when a house is empty to just leave it unheated, but this can lead to frozen and cracked water pipes. When these thaw out, it can lead to flooding and serious damage to the home, which is again very costly without specialist policies in place.
You should leave the heating switched on permanently at a constant low setting above 13 degrees and periodically check the home to lower the risk of this happening. If you turn the heating off you should also drain it – remember it is always better to have insurance in place.
Criminal damage
Criminals will often look at streets for a while before they decide to act, and if you have left your home empty for any period of time, you may find that eagle-eyed crooks decide to take advantage.
Furnished rental properties can be a haven for unscrupulous types who can take what they want without being disturbed. And of course, this can leave you substantially out of pocket in the long run, as you will need to replace all that has been stolen before your new tenant moves in.
Burglar alarms are a good deterrent to make sure that someone thinks twice before breaking in, as can periodic light switches that automatically turn on and off to make it look like someone is home.
However you choose to protect the home though, make sure you use specialist home insurance so that you will know you are covered in the event of someone stealing from your unoccupied property.
It is always better to be safe than sorry, and no one likes to have to pay out when they have been victim of a loss.
