Renting our property - insurance

patty666

Hi,

I may start renting out my house in future when I eventually move house. Is there any insurance policies available that would cover remortgage expenses if the property was to unoccupied for a period of time (not due to damage etc, just if a tenant wasn't found).

Thanks

InsideInsurance

There is no insurance to cover void periods that I am aware of.

The closest thing you get is managing agents that control your property and give you a guaranteed rent but that amount is irrespective of if the places is tenanted or empty. So if they struggle to fill it you are quids in. If they find high value tenants willing to pay top dollar you still only get the pre-agreed guaranteed amount. Whilst not an insurance policy there is a similarity in that you exchange a risk of no rent for a known of below market average rent

Remember if you are thinking of renting it out you will need to check with your mortgage lender and may need to switch to a buy to let mortgage

gb12345

InsideInsurance wrote: »

Remember if you are thinking of renting it out you will need to check with your mortgage lender and may need to switch to a buy to let mortgage

And also switch your buildings insurance to one that covers properties that are let out.