Unoccupied Property Insurance
Comprehensive insurance cover for unoccupied property
What is unoccupied property insurance?
There are two main types of unoccupied property insurance; one designed for empty residential properties and one for commercial properties. If the property is going to be unoccupied for more than 30 consecutive days it’s something you’ll need to look into to protect it whilst you’re not around.
Who needs unoccupied property insurance?
Properties can be unoccupied for a wide variety of reasons. The issue is that standard property insurance policies typically stipulate that the insurance will become invalidated if the building is left unoccupied for longer than 30 days. If it’s your main home, you might be away for a longer amount of time for work commitments or away on holiday. A property may also be left vacant if the owner has moved into residential care or has passed away and their home is in probate. Extensive building work is another reason for temporarily moving out.
Particularly around coastal areas, a large number of unoccupied properties may be second homes or holiday lets. Buy-to-let properties may be empty simply because one set of tenants has moved out and the next set haven’t moved in yet. Out of season, holiday lets may be vacant whilst they are undergoing maintenance.
Unoccupied residential property insurance
Easy to obtain and well worth the peace of mind, this type of insurance is ideal for if your home, or rental residential property is going to stand empty for a long period with no one living in it. It’s designed to ensure that your home is still protected against unexpected events that can cause loss or damage such as fire, floods, leaks, theft etc.
Unoccupied commercial property insurance
This cover is designed to protect you if your vacant commercial building is damaged or if someone is injured whilst inside it. Insurance companies can be very strict with the terms applied to a standard commercial property policy. If you dont have a dedicated unoccupied commercial property policy and something goes wrong, it’s likely that you wont get a payout. The security requirements for unoccupied commercial property are much more rigorous and the cover is often restricted to FLEA cover (Fire, Lightning, Earthquake and Aircraft).
Offices and shops tend to be the easiest to insure, whilst factories and premises designed for manufacturing activities tend to be more difficult. Don’t let this put you off though – we are here to help you find the unoccupied commercial buildings cover you need.
Talk to a member of our specialist insurance broking team today
What is covered by unoccupied property insurance?
Empty house insurance generally covers your premises for losses caused by lightning, smoke, fire, explosions, earthquakes and other natural disasters, aircraft collision and legal liability.
Other insurance to consider when buying unoccupied property insurance
If your empty property has any land with it, such as a garden, backyard or field, you may also want to take out land insurance. This will cover you if anyone gets hurt or injured on your land, such as the occasional visitor or workman, or even – unfortunately – trespassers.
Can I insure my empty property if it’s for sale?
Of course. It’s worth noting though that there’s often a minimum policy duration for unoccupied property insurance, so if the sale completes during this time you may not be able to get your money back on the unused portion of an annual premium paid in advance. If you decided to pay monthly, you would still have to pay for the minimum period.
What if my property is empty for a particularly long time?
If you know in advance that you are not going to be living there, and you have some time to prepare for leaving your home empty, then there’s no limit to how long you can leave your home vacant. As long as your insurance provider is notified of your intention to leave the property unoccupied, and you continue to meet all the terms and conditions of your policy, your house can remain continually covered for an extended period.
Talk to Real Insurance Brokers today
Real Insurance Brokers have a proven track record in arranging excellent quality cover for anyone who needs to insure their land. We spend time getting to know your exact requirements, so we can then put forward an effective, bespoke insurance solution to suit you. By working closely with our panel of leading UK insurers, we have a huge range of insurance products at hand.
We understand that getting your insurance right is extremely important for total peace of mind. Therefore we’re proud to be able to take the hassle away from finding the ideal insurer and product for you by offering our personal, expert service. So when you’re looking for your next land liability insurance quote, call us today and let us do the searching for you.