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Vacant property insurance
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Vacant property insurance
Vacant property tends to act as a notorious magnet for vandals, thieves and all manner of individuals bent on causing damage to the building and its contents. Unoccupied properties are especially vulnerable to arson – a criminal act which might clearly but the entire building at risk of a total loss.
If you own a property – residential or commercial, owner occupied or let to tenants – that is about to become vacant, therefore, adequate insurance is likely to be high on your agenda.
Why do you need vacant property insurance?
You might be tempted into thinking that the home insurance or landlord insurance which normally protects your property against major risks – including fire, flooding, impacts, storm damage, theft, arson and vandalism – simply continues if the building becomes vacant for one reason or another.
A more careful examination of such insurance policies, however, is likely to reveal that the insurer severely restricts cover – or possibly even lifts it altogether – once the property has been unoccupied and empty for longer than a given number of days. This might be 30 or 45 consecutive days, depending on the insurer – but is a relatively short space of time, given the many and varied reasons for the property becoming temporarily unoccupied:
you might be awaiting its sale, for example, having already bought a new home to move into;
the house might be undergoing repairs or refurbishment, the extent of which require it to be vacated for a more than a month or so;
you might need to work away from home for a period of time;
let property might be vacant during the interval between current tenants moving out and new ones moving in; or
the property may be subject to probate pending the determination of its eventual ownership.
Whatever the reason, you are likely to need vacant property insurance to ensure that the building and its contents remain adequately protected.
What you need to know when buying cover
Once you have decided the duration of any vacant property insurance you may need, determined whether cover may be relatively basic or needs to be fully comprehensive, and decided whether you need cover for both the building and its contents, you also need to know the extent to which any insurer expects you to continue to play your own part in mitigating any loss or damage.
This might involve a number of precautions – all of which are likely to be a question of common sense. Thus, exterior doors and windows need to fitted with adequate locks, the building needs to be kept in a good state of repair, any obvious signs that the property is vacant need to be avoided or disguised and arrangements need to be made for the property to be visited and inspected on a regular basis.
Why choose us?
Specialist advice on vacant property insurance from those of us here at UKinsuranceNET may help to ensure that you not only get cover specifically tailored to your individual needs and circumstances, but that the price you pay for that protection represents good value for money at a competitive cost.
* 75% of all customers receiving an online quote in May 2017 could have obtained a cheaper quote over the phone, based on the information they provided