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What is Unoccupied Property Insurance

Unoccupied property insurance is essential for both private owners and landlords if their property is going to be left empty for any significant amount of time. This is because standard landlord or homeowners insurance does not cover empty properties. If you are a homeowner or landlord, your current insurance will cover your property if it is left empty for a short space of time, such as due to a house move or tenant changeover.  Most standard home insurance policies allow a property to remain empty for a period of 90-days before a reduction in policy cover.

The most common scenarios for a property being empty are inheritance and property renovation. If you approach your building society or bank and ask for standard cover, they are likely to refuse. Unoccupied property insurance takes in to account the house is at a greater risk of damage by vandals, arsonists or squatters. As with any other insurance policy, the more steps you make to secure your property the lower your premium will be.

If you own a commercial, building such as a shop or offices then your standard unoccupied property insurance is not sufficient. This is because the cost to repair damage to a commercial building is likely to be much higher than repairs to a house. This is reflected in the unoccupied commercial property insurance premiums. Well known insurance company Zurich offers all different types of insurance, and their standard house insurance has a generous allowance for when a property is unoccupied. Britannia insurance offer unoccupied property insurance at a discounted rate if the person is a customer and has previously held an insurance policy with them.

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