As you may be aware, elements of your buildings and contents insurance may become invalid in situations where your property sits unoccupied for more than a specified period of time.
In order to maintain your continuity of protection in such circumstances, you will need to look for empty home insurance. Note that these principles typically apply irrespective of whether you are a landlord or an owner-occupier.
At UKinsuranceNET, we are totally committed to helping our customers understand the full implications of their cover before they purchase it. So here we will pick out a few key themes surrounding unoccupied property insurance.
When you will need it
There may be considerable variation between policies in terms of the maximum period of unoccupied cover they will provide as part of their standard policy protection.
However, once that period has been passed, you will typically need to select some form of unoccupied cover.
Things to look for
Just as is the case with any policy, unoccupied cover should be looked at closely to ensure that it is suitable for your individual situation.
You may wish to consider things such as:
- the maximum period of cover available without occupants. It might be important for this to be extensive or even unlimited - given that in some cases, you may not be able to forecast exactly when your property will be habitable again;
- the excess payable. This might in some cases be relatively modest but some providers may have very substantial excesses imposed as a mandatory condition of offering such cover;
- the properties covered. Some policies might exclude certain unusual property types such as listed buildings or those above a certain age;
- previous claims on the property. Certain providers might not accept properties under cover where there is a past history of claiming for certain categories of problem. Other policies may have no such restrictions or constraints;
- your financial status. You might find that some providers have reservations about potential policyholders who have a history of financial problems;
- the nature of the work you are undertaking. Not all policies will necessarily offer cover in scenarios where your property is undergoing major renovation or other related building works.
This is only a very brief summary of just some of the issues that need to be considered as part of making your selection.
Advice and guidance
Selecting the right cover for your unoccupied property may prove to be critically important to your entire financial future. It's not necessarily an easy or straightforward choice to make, as the options may be complicated to evaluate.
It's not something you will want to risk getting wrong or start to consider the implications of only once you're in the position of needing to try and make a claim.
That's why we put our expertise at your disposal and will be only too pleased to discuss the details of your unoccupied property requirements with you.