An inherited property, a let property experiencing a void period, a renovation project or even a Holiday Home. You will need insurance in place to protect the property when it is empty. There are lots of variations on this and the Unoccupied Property Insurance will cover rental, holiday home etc. It will cover buildings and any contents inside.
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Once I bought a property to rent out to students. I thought it would be easy to get tenants in but I was wrong. Two months later and it was still empty. I was just glad that I had Unoccupied Property Insurance in place while it was vacant.
I woke up sweating one night thinking it may only have had 30-days Unoccupied Insurance cover. I checked the policy and it was an Unoccupied Insurance policy. Thank goodness. I slept well the next night and that was down to the Unoccupied Property Insurance cover. If it went up in smoke or there was a theft then I’d survive thanks to the insurance.
In my honest opinion you shouldn’t have a second or let property if you cannot see the reason behind paying the small sum for insurance. Imagine the catastrophic financial loss if you are not insured. You deserve it for yourself and family not to let that happen. And don’t say it won’t happen to you…get yourself a quote for Unoccupied Property Insurance now.
The acid test of whether you need Unoccupied Property Insurance is the number of days that the building will be left vacant. Generally if the property is left empty for less than 30-days then standard buildings and contents insurance will provide cover. This is because home insurers know most people will go on 1-3 week holidays. Home owners may need to work away from home for a couple of weeks. Insurers build in a period of time that their home insurance will continue to protect the property even though it is empty.
Many landlord insurance policies will offer 45 or 60 days insurance cover as standard for vacancy. It’s important to note that the Unoccupied Property Insurance allowed here is after the policy has started. Normally you cannot start a landlord insurance policy with an empty property. You need specialist Unoccupied Insurance if your let property is empty when you take possession.
You can buy Unoccupied Property Insurance cover for any period of time required. This can be for months on an end. But you will need a specialist provider to deliver that and The Property Insurer can help.
Your insurer is not stupid and wants to win your business. If you give them good excuses to reduce the cost of your Unoccupied Home Insurance then they will act. And these measures are relatively easy to take. You can get more advice from The Money Saving Expert forums.
Join a neighbourhood watch scheme. Be an active member and contribute. Get an approved and working alarm that is linked to a call centre or alerts the police. Make sure the property looks as though it is lived in. Ask a neighbour to visit and clear piles of mail and free papers, check on any damp or electrical problems. When it is cold, make sure the heating is on and hot water so pipes don’t freeze and cause a claim. Valuable items such as electronics should not be left on view from prying eyes through windows or doors as this encourages theft. Pay a gardener to keep the exterior of the property looking neat and used. There’s nothing screams empty property more than a terribly maintained lawn and piled up post.
Good Unoccupied Property Insurance will allow you to change to a standard home insurance policy when needed. This normally means when you notify your broker. They will change the cover from specialist to standard. You should receive a rebate into your bank account for future cover not needed. Always be careful of hidden costs and charges as these can be high. So if you are planning on switching to standard home insurance, ask the broker how much it will cost to change later on.