If a property is left empty for any length of time there is not only the apparent waste of an essential residential or commercial resource, there are also real financial costs.
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The small print of an insurance policy rarely seems to make very interesting reading, but here are a few reasons why you might want to break your normal habits and take a closer look.
Unoccupied property can present more of a headache than at first it appears. You own the property that is probably the subject of a mortgage or other secured lending.
Forgetting any legal obligation that you may have to your mortgage lender that dictates that you have appropriate buildings cover, arranging let property cover at the time you exchange buyer.
It's an unfortunate fact of life that an empty property can sometimes be something of a magnet for trouble. That's why it is always sensible to have unoccupied house insurance in place.
Probably the most important consideration when buying any kind of insurance is to choose the policy that most closely suits your needs and circumstances.
Both landlords and private property owners often want to insure themselves against all the risks that their properties may face in order enjoy greater peace of mind.
It may be important for any landlord to give some thought to the situations where a letting property may be unoccupied.
If you are going away to leave your home unoccupied for a month or more, or if you are the landlord of let property which remains empty for a similar length of time during a changeover of tenancies.
If your property stands unoccupied for more than a maximum number of consecutive days, typically specified in the policy detail, any standard landlords' cover may become invalid.
If you have a careful read through the detail of your property insurance policy, you'll typically come across a clause or condition relating to the occupancy status of the property.
According to the housing pressure group, Empty Homes they estimate there are some 845,000 empty homes in the UK and some 300,000 of these have been empty long-term - longer than six months.