THERE are many reasons why a property may lay empty for an extended period of time, overseas work commitments, house sale or it is empty as a result of it being left in a will following the death of a relative, these are all good examples. Unfortunately, not everyone understands the need to advise their home insurer of unnocupancy in advance, which unfortunately often results in a shock when they come to make a claim. If your property is likely to be unoccupied for longer than 30 days, our advice is to either contact your existing insurance broker or insurance company, or seek specialist empty property insurance.
Unfortunately, most standard home insurance policies will not cover unnocupancy beyond a 30 or maximum 60 days, your insurer may be prepared to continue with cover but with additional terms, or clauses applying and a hike in premium. The clauses associated with unnocupancy typically include loss or damage from malicious acts, theft and escape of water or oil.
Furthermore, insurers will look for conditions to apply to this extended cover including high standards of security, the water being turned off and maybe the electricity and gas, too (depending on mains-run security and whether freezing of pipes is likely). They will also probably demand some common sense risk management such as ensuring that the house is regularly visited and that papers and junk mail do not visibly accumulate.
Leaving a property empty is a risky business, insurers are very nervous about the increased risks of an empty property with water leakage, burst pipes, theft and claims from anti-social behavior too frequent, and this increased risk comes with significant insurance premiums quoted to policyholders.
The British Insurance Brokers Association recently commented that when seeking empty property insurance instead of trawling the Internet and calling direct insurers, it is essential to consult a good specialist broker who understands the risks associated with unnocupancy and has access to markets than can provide competitive premiums and cover to match.
If you are needing to cover your property for an extended single period of unnocupancy, or are planning to take regular extended trips away, our empty property insurance solution is provided by one of the UK’s leading specialists providers, they will offer cover that meets your requirements and your budget, so you can be assured of a great deal from The Property Insurer.
Doug Phelan
The Property Insurer
