IF you need Empty Property Buildings Insurance then you may wonder where to look for it. This is not normal home insurance, it is a specialist insurance product that needs unique underwriting and expertise to deliver and get right. Thankfully The Property insurer can make finding it, getting a sensible price and buying it easier than ever.
What is empty property buildings insurance?
Empty Property Buildings Insurance is buildings and/or contents insurance for a home you own that is vacant or unoccupied. It can also be for properties that are under probate and going through the inheritance legal formalities before you can access. Landlords buying new properties that are empty or experiencing a void period will also need empty property buildings insurance.
Basically empty property buildings insurance will protect your buildings and ion needed contents against financial loss. So if a fire razes the property to the ground, the insurance will pay to have it rebuilt providing you have the right rebuild value and pay the excess on the policy. It will pay to have it rebuilt even though the property was empty at the time, which makes it much more likely to have a claim.
It is due to the increased chance of having a claim that unoccupied home insurance is usually more expensive than standard home insurance.
And if you choose to have the contents of the property insured, they will be replaced as per the policy schedule (vale or new for old). It is well advised that you reduce the value of the contents in the property before leaving it vacant and only insuring what you need. The higher the value of contents, then the more they will cost to insure – which is obvious as the risk and claim cost will be more.
What can you do to reduce the cost of insurance?
There are other things you can do to help yourself such as joining a neighbourhood watch and having a monitored alarm on the property. Ensuring boilers are serviced and switched on to keep pipes from freezing is good as well.
You are only likely to need empty property buildings insurance if the house is empty for more than 30 days at any one time. 30 days and below tend to be covered by standard home insurance as holidays and work can often require this. Just check your policy to be sure.
If you do need empty property buildings insurance then go to The Property Insurer and fill in the short form. You can then compare prices and buy the policy that is best for your needs.