Aviva warns property owners
Aviva, the world’s fifth largest insurance group, has warned property investors that they should make sure they have adequate legal expenses insurance in case one of their lodgings is infiltrated by squatters.
Underwriting manager, Mike Colmans, said that obtaining interim possession orders to get rid of unwanted residents can be “significantly costly.”
Getting the right type of insurance coverage, however, is not enough to protect landlords from squatters on its own, he suggested, pointing out that some insurers will not pay out if they feel appropriate steps have not been taken to secure the property and stop people from entering in the first place.
“It is imperative that adequate measures are put in place to prevent squatters from entering and taking ownership, as it can be notoriously difficult to remove squatters,” Mr Colmans commented.
LandlordZone suggests that property owners speak to their insurance providers when accommodation is going to be empty, as vacant lots generally attract higher premiums.