Many people own investment properties that are tenanted or may even be unoccupied at this time. Below we share our responses to some of the questions clients are frequently asking. We work with many insurers, most of which have confirmed cover will not be restricted during lockdown. However, if you have any further questions or would like us to confirm your cover, please contact us.
My let property is unoccupied during the pandemic and I can’t get to it to inspect it. Am I still covered?
Most insurers are being very understanding during the pandemic and realise that it may not be possible for individuals to inspect or regularly maintain their let properties whilst unoccupied. However, you will always be required to ensure that all physical protections like door and window locks are being used. Please contact us so we can confirm your cover.
My tenants cannot work and pay their rent, so am I covered for loss of rental income during the pandemic?
Most insurance policies do not provide any cover for loss of income due to a deliberate act by the Government. If you have a mortgage you could be entitled to assistance from your lender in the form of a mortgage ‘holiday’ to assist in the short term, or your tenants may also be entitled to assistance. However, at this time you should be working with your tenants to come to an agreement that will help both of you. More information can be found on the Government website.
I have Rent Guarantee cover. Can I use this to claim on lost rent?
Rent Guarantee cover is not suitable for this scenario as this is designed for paying your rental income during or following an eviction. As the Government has temporarily changed the law disallowing evictions during the pandemic, the cover cannot be used.