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I am just about to purchase a BTL property. The property will be updated with a new kitchen, bathroom, flooring and paint. The property will be empty for a few weeks while this is completed (I will visit every day while the work is being done).
So my questions is, do I need landlord insurance on exchange? Or should I get residential buildings insurance on exchange and then get landlord insurance when the first tenants move in? Or do I need some sort of special refurbishment insurance on exchange and then landlord insurance when the first tenants move in? Very confused??????
The property will be mortgaged so I will need buildings insurance to satisfy the lender. Plus, I obviously want to make sure I am insured in case something went wrong during the refurb.
Thankyou if anyone can help.
Hello Landlord Fella,
I have a number of clients who have done exactly the same thing.
While the refurb is underway you will need to purchase buildings insurance which allows works to be carried out - all they require is details of the work, cost of the works and estimated time of completion,
The minimum term for this type of policy is typically 3 months (You can of course cancel early but no refunds are provided for short term insurance policies).
Once the works are complete you can then purchase landlords insurance for the full 12 months - insurers will usually allow 30 days unoccupancy before they start to demand i.e. while you find a tenant.
(*Moderator note: Contact details removed as member has not passed probation*).
Hi Dave and welcome to the tribe. If you call Alan Boswell Group Insurance on 01603 649736, they will be able to advise you. ABG are an award-winning insurance company, PT partner, and one of the UK's biggest names for landlord insurance.The ABG team will be able to advise you on how to protect your asset correctly as well as getting you a competitive premium.Hope that helps and good luck!
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
(*Moderator note: Comment removed as member has not passed probation and therefore cannot make recommendations*).
Just following up from Vanessa's comment:
Depending on timescales and how long the property has already been unoccupied prior to purchase, it may be possible to just take out a landlord policy which will allow the types of work you are talking about prior to the property being let, alternately as another person has already commented, you can take out a short term renovations policy. Either way we can help so please feel free to give us a call and we will be happy to discuss the various options with you. The number is 01603 649736,