Searching for unoccupied property insurance

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Friday, January 29th, 2010 Subscribe To Our Feed

It makes financial sense to protect your property even if it is standing empty at the moment. This is where unoccupied property insurance may be considered.

Typically suitable for landlords who have an empty let; properties awaiting probate; people who work away from home for long periods of time; properties undergoing refurbishment; and other similar circumstances where a property is left standing vacant, an empty property insurance policy can give the peace of mind.

A typical unoccupied property insurance policy might typically provide protection against damage caused by storms; flooding; earthquake; lightning and fire damage, plus other unexpected hazards. Without insurance, it may cost you a great deal of money to put things right if the worst were to happen and your property was damaged due to one of these events.

What events are covered?

The events that are covered within an unoccupied property insurance policy may differ amongst one another. This is because policy features and benefits typically vary, with one hazard being automatically covered or available as an add-on with some insurers, while not being available at all with others. You may find the following included in the typical policy, but do check with the provider:

· damage caused to the property as the result of collision by a vehicle;

· damage or destruction to television or radio aerials or your satellite dish and this may include your fittings;

· damage caused by trees, lamp posts or telegraph poles that have fallen onto the property (unless these have been cut back or cut down on your premises);

· if the building is destroyed then the insurance may cover the removal of debris if the destruction was brought about due to one of the events insured;

· cover for some legal costs (though do note there are varying levels of cover and some policies will not cover eviction of a tenant or recovery of outstanding rent).

It is also important to bear in mind that the insurance provider also typically adds in some exclusions and limitations to the policy and you need to check these in the small print. You may also have obligations to the insurer as the property owner, which will usually include the necessity to keep the building in a good state of repair at all times and carry out certain security measures. You will also have to tell the insurance provider if you are making any alterations or adding extensions onto the property.

Therefore, when considering any insurance policy always check the wording and the summary of protection, which the provider should usually make available.

In summary taking out an unoccupied property insurance policy may save you from some considerable cost in the future if you were to suffer damage or destruction that was covered in an insurance policy.

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