Unoccupied Property Insurance
If you are a landlord between tenants, or you are refurbishing a property before putting it on the market, that property will remain unoccupied and will need to be insured. When it comes to finding the right quote for this type of cover, you need to have the best brokers at the helm. Compare Landlord works with a panel of highly experienced brokers to find you the very best quotes for your insurance.
Other reasons why your property could be unoccupied include:
- You have inherited the property
- You are having extensive renovations that require you to live elsewhere for the duration
- You are taking an extended holiday or business trip
- You own it as a holiday home
What Kind of Insurance Do You Need?
When it comes to creating an insurance policy that covers all the necessary elements, you need to be aware of the risks that you face when looking after an unoccupied property. From vandalism, to theft, to squatters, there could be a range of occurrences that would lead to you making a claim. It is wise to have all potential eventualities in mind when you create your policy, as many brokers will help you design a bespoke policy that guarantees you are not over- or under-insured.
There are ways you can make your unoccupied property a less attractive prospect for vandals, or just to simply make it look as though there are still people living within. For example, any peeling paintwork or overgrown lawns will signal to people that there is no one there to tend to the house. Furthermore, security measures should be taken to ensure safety. CCTV and a good quality burglar alarm can be invaluable.
You must inform your home insurance company if you are going to leave the property unoccupied for longer than thirty days. After this time When it comes to the specific features you will need, we recommend considering the following:
Buildings and Contents Insurance
This will take care of the structure and bricks and mortar as well as the belongings you have within. Although your property is unoccupied, you may still have furniture and white goods that may be stolen or damaged. Equally, the building itself needs to be protected from weather or fire damage, as well as any damage caused by vandals or burglars.
Legal Cover
There could be any number of legal situations arising from owning an unoccupied property. Squatters may choose to take action against you if they feel they are being told to leave unlawfully. Or, disputes with builders, contractors or other tradespeople could lead to legal action, in which case you will need the costs covered.
Public Liability Insurance
Although there will be no one living at your property, there are still occasions where it may cause danger or illness to members of the public. For example, a gas leak that has gone unnoticed has left those in proximity feeling ill, or a roof tile has come loose and fallen on a person’s car causing damage. In either of these instances, the member of the public is within their rights to make a claim against you.
Water/Oil Damage
If a pipe bursts while your property is unoccupied, it could go unnoticed for an inordinate amount of time, leading to extensive damage. This could lead to significant costs when it comes to repairing the damage, particularly if the leak causes damage to the structure of your building. Having cover to repair this damage may come in handy in this situation.
What Else Do You Need to Consider When Insuring an Unoccupied Property?
The duration of time the property will be empty will have a marked effect on both the availability and cost of insurance. Most brokers will look to cover you for either three, six, nine, or 12 months so you should think about the length of time you will leave the property empty. If you are unsure, it is best to err on the side of caution as your policy will be invalidated if you leave it empty for longer than your agreed insurance states.
When it comes to finding the most competitive quotes, Compare Landlord is here to take the stress away so you can concentrate on looking after your property. We work with a dedicated panel of partners who are experts in offering competitive quotes for comprehensive unoccupied property insurance.