Many insurers in the UK offer cover that has restrictions on these types of property in the time they can be vacant before cover will not be applicable. The average amount of unoccupied cover ranges between 30 and 60 days before the insurer asks to be informed. At this point they will either decline cover or give you an extension which can be very expensive.
The best option if your property will be unoccupied for a substantial amount of time is to get a specialist policy that covers the property comprehensively no matter how long the unoccupancy will be for. You will find that some insurers only cover fire, lightning, earthquake and explosion during unoccupancy which is adequate in some situations however with most claims being made for water damage and vandalism it is advised you consider a ‘full perils policy’.
Woodstock Insurance brokers limited (“Woodstock”) can offer unoccupied property insurance in most situations and also offer advice to make sure the policy meets your needs.
Unoccupied properties pending sale
This is the most common reason a property becomes unoccupied and can pose certain issues from a customer’s point of view. The first thing is there is no way of telling how long the sale will take to complete, so do you get an annual policy and pay cancellation charges if you cancel or take a temporary cover for 3 to 6 months and renew if the sale has not completed. Woodstock Insurance brokers can assist in these situations and advise which is most suitable.
Unoccupied properties pending let
Often properties fall vacant whilst they are waiting to be rented and often a standard landlord cover will have a limit of time that the insurer will accept before terms are implied. We can offer cover if this occurs and make sure that full cover is in place whilst the property is unoccupied and then when you have tenants change the terms quickly and easily back to a landlord policy.
Unoccupied properties duing renovation
Insurers will often only cover for fire, lightning, earthquake and explosion or limited cover in these situations. We can offer great rates and we can often provide cover for large amounts of work being carried out. The key to obtain cover is to have details of what work is being completed, how long it will take and the cost involved. In some situations full perils cover can be provided as long as the work is considered by our insurers as minor.
Unoccupied properties pending probate
This is always a difficult time and insurance should be the least of your worries. You want to make sure that your insurer offers full cover for buildings and contents. It will also be advisable to have 5 lever mortise deadlocks and key operated window locks with regular checks being made on the premises to get the best terms and rates.
Key Features of our unoccupied house insurance
• Full cover option available which includes vandalism and escape of water. Subject to security requirements.
• Buildings and Contents cover
• Flexible terms and conditions concerning Water, Gas and Electric.
• Legal Cover available which includes squatters, trespass and eviction.
• Short term cover available for 3/6/9 months.
• Annual direct debit available with interest free option. Subject to terms and conditions
Click here to contact Woodstock today, or call 01622 776673 to find the best insurance solution for your unoccupied property.
Woodstock Insurance Brokers Limited is authorised and regulated by the Financial Services Authority. This can be checked on the FSA Register by visiting its web site at www.fsa.gov.uk. Woodstock Insurance Brokers Company No: 04288957 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.