As a property owner or investor, you are aware of the risks involved in owning a property. And that risk only increases when a property is unoccupied for an extended period of time. Whether it’s a holiday home, a second home or a rental property that is currently vacant, an unoccupied property is at a greater risk of damage and theft than a property that is occupied. It is essential to have the right insurance coverage to protect your investment and give you peace of mind. In this blog, we will discuss what to consider when buying unoccupied property insurance.
What Is Considered An Unoccupied Property?
An unoccupied property is one that has been left empty for an extended period, typically 30 consecutive days or more. This can occur for a variety of reasons, such as the death of the owner, the property being on the market for sale or rent, or the owner taking a long vacation. During this period, the property is at an increased risk of damage or theft, and the owner is not present to monitor the situation.
What Type Of Insurance Is Available And What Does It Typically Cover?
Unoccupied property insurance is designed to protect your investment while the property is vacant. This type of insurance typically covers risks such as theft, fire, vandalism, and weather-related damage. Some policies may also include liability coverage, which protects you in the event of a lawsuit resulting from injuries that occur on the property.
There are different levels of coverage available, and the type of coverage you choose will depend on the level of risk you are comfortable with. For example, a basic policy may cover only the most common risks, while a more comprehensive policy may include additional coverage for things like subsidence, burst pipes, or accidental damage.
How Much Will The Cover Cost, And Will Prices Change Depending On Location Or Time Of Year?
The cost of unoccupied property insurance will depend on several factors, including the location of the property, the level of coverage you require, and the length of time the property will be vacant. Prices may vary depending on the insurer and the time of year, as some seasons may be more prone to certain types of damage.
It is essential to shop around and compare prices from different insurers to find the best deal for your needs. It’s worth finding a broker who will be able to help you find the most suitable policy at a competitive price.
What Are Some Common Exclusions, And How Can A Property Owner Ensure They Are Adequately Covered?
Like all insurance policies, unoccupied property insurance may have exclusions that limit or exclude coverage for certain types of damage or events. Common exclusions may include things like wear and tear, damage caused by pests or vermin, or damage resulting from a lack of maintenance or upkeep.
To ensure that you are adequately covered, make sure you read your policy carefully and understand what is and is not covered. Using an insurance broker can not only help you find a policy that provides adequate coverage for your property but provide a breakdown of the key policy points.
What To Do If I Need To Make A Claim On My Unoccupied Property Insurance
If you need to make a claim on your unoccupied property insurance, it is essential to act quickly and follow the proper procedures. Contact your insurer as soon as possible to report the damage or loss and provide any necessary documentation, such as police reports or receipts for repairs.
Your insurer will then assess the damage and determine whether it is covered under your policy. If so, they will provide you with instructions on how to proceed with the claim and any necessary repairs or replacements.
In conclusion, owning an unoccupied property comes with increased risks, but the right insurance coverage can provide peace of mind and protect your investment. When considering purchasing unoccupied property insurance, it is essential to understand the type of coverage available, the cost of the coverage, any common exclusions, and the steps to take if you need to make a claim.
Choose An Insurance Product Today
At UKinsuranceNET, we offer a range of unoccupied property insurance products to meet the needs of property owners and investors. Our policies include coverage for a variety of risks and can be customized to meet your specific needs. Our experienced team can help you find the right policy at a competitive price, so you can have peace of mind knowing that your property is protected.
If you are interested in our unoccupied property insurance coverage, you can request a quote or call us on 01325 346328 today. Our team of experts is always available to answer any questions you may have and provide guidance on the right insurance policy for your property.