IF you have an empty property, by reading this article you will have a deeper understanding of why Unoccupied Insurance does not need to cost you extra.
You can inherit a property and it is empty while under probate. You may have a flat or house in the city that you use through the week but is empty at weekends. You could have a second or holiday home that is empty for months at a time before you return. Or you may be a landlord with a property that is empty waiting for tenants or refurbishment.
So here’s how you save money on Unoccupied Insurance:
1: Inheritance/probate Unoccupied Insurance
If you inherit a property and it goes under probate or you are not living in it yourself, you have options on insurance. The easiest one is to determine how long the property will be empty for. Even if you are immediately allowed to put it for sale, you need to budget three-five months. That needs specialist Unoccupied Insurance. Don’t worry, it does not cost enormous amounts but you will need this expert insurance.
2: A second flat or house in the city
If you are in the property most weeks or even months, then standard home insurance should cover you. It will have 30-days empty property permitted in the policy. That means no specialist Unoccupied Insurance needed.
3: A second or holiday home
It all depends on the gaps between visits. If more than 30-days then you will need a proper Unoccupied Insurance policy. Work out what the maximum empty period is and get insurance to cover that. The shorter the period, generally, the less the cost of the insurance. But don’t try and be fraudulent and artificially keep the empty period below what you know it will be, you will be found out if ever make a claim and that is pointless. The cost for adding months is not enormous; there is big competition for these policies, so pay the extra couple of pounds for proper coverage.
4: A landlord with a void period
Most landlord insurance policies allow 30-45 days of Unoccupied Property Insurance as the norm. Check your policy. If it goes on for longer without tenants then speak with your insurer and get the cover extended or changed to an empty property insurance policy. It will cost a small fee but shouldn’t be crippling in any way.
5: Landlords refurbishments or renovations
A property that is undergoing significant refurbishment may need renovation insurance that will cover the empty period and all the risks associated with renovation. If it is only light decoration changes internally, then Unoccupied Insurance will fit with very little additional cost.
You can get good Unoccupied Insurance by visiting The Property Insurer. Our single form takes two minutes to complete and gets three of the best UK insurance specialists fighting for your business and forcing prices down. We can also supply Renovation Insurance and Landlord Insurance if needed.
The Property Insurer