Why unoccupied property insurance
If your property is to be left empty for a period of 30 days or more, then perhaps you should consider unoccupied property insurance.
Your property could be unoccupied for any number of reasons including:
- you going off to work abroad for a couple of months;
- perhaps you and your partner are in the process of a divorce;
- you may have been left a property by a relative;
- you are a buy to let landlord between rentals or carrying out renovations.
So why won’t regular insurance do the job?
Even if you already have building and contents insurance for your property, if it is to be empty for extended periods of time, then the risks to it change and these changes need to be covered with specific unoccupied property insurance.
There are various reasons why this may be the case.
An empty property may be more at risk from thieves and vandals
Even if you are only going out for the evening, it is generally accepted that leaving a light on may help deter opportunistic thieves. A house standing dark and empty for long periods of time may act like a magnet to thieves and become an easy target for vandals.
Similarly, building debris scattered around in the garden may send out the wrong signals to the wrong people.
Damage to the building may go unnoticed
Houses typically need regular maintenance to keep them in a good state of repair.
Damage to the fabric of the building, the roof for example or a broken window, needs to be dealt with as soon as possible after it happens to prevent knock on effects.
A missing slate, for example, may let in water, which in time could result in damage to floors and ceilings.
No valid insurance
You may find that if you have to make a claim on your standard buildings and contents insurance for an unoccupied property, then your insurance provider may reject the claim if you do not have vacant property cover in place.
So, whether you are an owner-occupier or a landlord of a buy to let property, the consequences of not having unoccupied property insurance may be worth considering.