unoccupied property insurance
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We've been providing our low-cost Unoccupied Property Insurance on-line longer than most, and we aim to give our customers throughout the UK the best value for money available with expert advice and a selection of cover options.
If you need advice please call us!
Why is Unoccupied Property Insurance needed?
Most standard buildings insurance policies only allow up to 30 days of vacancy. So, if your property is, or is likely to be vacant for more than 30 days, then to maintain cover, an insurance policy that specifically caters for a period of unoccupancy is required.
An unoccupied property is considered a greater risk by insurance companies because it is often left unchecked for water leaks, electrical faults etc. and there is an increased likelihood of vandalism where a property is empty for a longer period.
On many occasions, a property can stand empty due to factors such as a property sale, refurbishments, long trips overseas, going through probate, or simply a lack of tenant.
And when your property eventually becomes occupied, there is no need to cancel and take out a new policy as your unoccupied insurance policy can be converted to Landlord Insurance or Home Insurance.
all types of vacant property covered
More about unoccupied property insurance
When is a property classified as an unoccupied property? (and when should you be considering an unoccupied property insurance).
Firstly, no, this is not an obvious question when it comes to insurance. And perhaps a plug up front is appropriate - Since our policies offer both unoccupied property insurance and can also be converted to full cover they do solve the dilema described below and remove the guess work which could be costly if you get it wrong.
If an insurance policy is required for a property which is empty at the time of inception then it is at the discretion of the insurer and dependent on their acceptance criteria. Usually, it is very dependent on when the property is expected to become occupied. If this is within 30 days there are some insurers who will provide full cover - but many won't. The insurers who consider it as unoccupied may offer temporary unoccupied property insurance or may not provide cover at all. These are the cases where a specilist unoccupied property insurance policy will do the job.
If a property becomes unoccupied after a period of 30 Days, most insurers will consider this to be unoccipied and either impose terms (usually by significantly reducing cover) or terminate the policy.
There are a few insurers which allow longer periods of 45, 60 and 90 days of unoccupancy before special terms are imposed or the policy is terminated.
If you are letting your property, the property is deemed to be unoccupied immediately it becomes vacant, empty, untenanted or not in use. However, most Landlord Insurance policies allow at least 30 days before applying special terms (reducing cover usually), but we have policies which permit up to 90 days.
Why is an unoccupied property a higher insurance risk?
The fire brigade attend more than 8,000 fires in vacant property each year and it is estimated that losses from unoccupied property total in excess of £100 million every year.
Equally as serious is the risk of injury to people. The Occupiers Liability Act 1957 makes the owner of a vacant property legally liable for death or injury to visitors or trespassers to the property. According to the Act, owners owe a duty of care to ensure that premises are and remain well secured, particularly in preventing access by children. Liability insurance is therefore vital.
What steps can be taken in order to prevent or minimise the risks when a property becomes unoccupied?
(many of the steps in this list will be required by insurance companies when providing Unoccupied Property Insurance)
• remove all valuable items from the site
• take measures to remove all flammable and combustible materials such as floor coverings, furniture, equipment, stationery etc.
• if at all possible maintain a permanent surveillance presence - this represents a high level of security
• all mains services to be turned off - except electricity supply which is needed to maintain a fire or intruder alarm system
• the water system should be completely drained, however it may also be necessary to maintain water supplies where a sprinkler system is installed
• from 1 October to 1 April each year, any central heating system should be kept working at a minimum temperature of 5°C
• all letter boxes should be sealed up and measures taken to prevent accumulation of mail
• all buildings should be secured against unlawful entry by closing and locking doors and windows and setting any fire or security systems
• any accessible windows should be fitted with security grilles, this is preferable to 'boarding up' as it draws attention to the site's vacancy
• installation of security lighting either by continuous lighting during the hours of darkness or by sensor controlled equipment which will activate when approached if electronically operative.
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Arthur C Savage & Company Limited t/a Arthur Savage Insurance. Company registration number 310113 / FSA Firms authorisation number 310137
Registered Address: 2 - 3 High West Street, Dorchester, Dorset, DT1 1HZ
