Unoccupied property is always going to be at greater risk of things like theft, vandalism and break-ins. The mere fact that it’s unoccupied will certainly attract thieves and vandals so it’s vital to protect any unoccupied property you have with a good insurance policy.
When is Unoccupied Property Insurance Needed?
Unoccupied property insurance is needed in more scenarios than you might imagine. Let’s look at the first group of people who take out unoccupied property insurance – homeowners.
Homeowners will take out unoccupied property insurance for a few different reasons. A very common reason is when the house will be left unoccupied due to going on a long holiday. Most home insurance policies will provide cover for up to 30 days but after that it’s necessary to get additional cover. Another common reason homeowners take out unoccupied property insurance is when having extensive renovations of extensions carried out.
The second group of people who get unoccupied property insurance are landlords. Landlords often have unoccupied property for a variety of reasons – whether it’s because the property is newly acquired, is being renovated or they just don’t have a tenant.
Biggest Risk Factors
When thinking about whether or not you need unoccupied property insurance, it’s useful to look at where the biggest risks come from. One of the biggest risks to unoccupied property is from thieves, vandals and squatters. When a property is left unoccupied for a long period of time then word gets around very quickly, especially if the property contains a lot of valuables.
Another risk factor that people often don’t consider is from structural damage. Let’s say for example a small fire breaks out, or a water pipe breaks. If there is someone living at the property then this might not be a big deal but when left unattended, small incidents can soon result in a lot of damage. This is why building insurance is always recommended for unoccupied properties.
Types of Cover Available
- Building Insurance – Building insurance is always important with unoccupied property insurance. It will cover any structural damage that occurs to your property that can occur as a result of extreme weather, vandalism or flooding.
- Contents Insurance – When you’re unable to remove valuable items from inside a property then contents insurance is always recommended.
- Property Owner’s Liability – If a member of public were to become injured as a result of your property being unsafe then you could easily end up facing a hefty liability claim, so property owner’s liability is always recommended.
Ways to Save Money
- Make Your Property Secure
- Shop Around
- Take out Short-Term Cover
Finding quotes is very simple when you do it in the right way. The recommended way to obtain quotes is online and specifically through using insurance comparison services. Insurance comparison sites are very common nowadays and for good reason. They enable you to obtain quotes in the easiest way possible. All you have to do is provide a bit of required information and then you’ll be given tailored quotes from different insurance providers to choose from.