For an owner of an unoccupied property, one of the last things on their mind might be insurance. They may be thinking about how to turn their vacant property into a viable rental, or maybe they have grand plans to renovate it. Either way, insurance isn’t usually on the forefront of people’s minds, but it is important that they don’t overlook it.
Some of the first questions you might ask when it comes to insuring an unoccupied property might be:
Does their standard household policy also cover the unoccupied property?
If your client has buildings insurance or contents insurance for the home they reside in, the likelihood is that the policy will not cover their second home or unoccupied property. Ask them to read up on their current policy or to contact their insurance provider, to find out exactly what they’re covered for.
How long will standard unoccupied property insurance last for?
If a property that your client is responsible for is left unoccupied for more than 30 days, whether it’s a gap in tenancy, being renovated, in probate or intestate, or even going through the conveyancing process, it’s likely that cover may be restricted on a standard home insurance policy.
Trying to find insurance cover for an unoccupied property can be a minefield of restrictive covers and lists of terms and conditions that you must undertake. Some insurers put in place stringent terms (“unoccupied building conditions”) which must be enforced before they will provide cover. For example, draining down the water systems, switching off the utilities, weekly documented visits, installing certain locks, sealing up letterboxes, etc. Failure to comply could lead to a claim being turned down.
At Guardcover, we offer cover for properties that have been unoccupied for less than 12 months for durations of 1, 3, 6, 9 and 12 months.
What type of properties can Guardcover unoccupied property cover my client for?
Whether the property you want to insure is leasehold or freehold, Guardcover unoccupied property can look to offer you some cover options that include:
- Freehold owned in its entirety – we can offer buildings and contents cover
- Leasehold and legally responsible for insuring the buildings – we can offer buildings and contents cover…
If you want to keep reading and discover more about Guard unoccupied property cover, we’ve got you covered.
To read the full article and explore more helpful guides, head over to the Guardcover website.
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This article is for general information only and does not constitute advice or a recommendation. It does not take into account your individual circumstances. if in doubt, you should seek appropriate professional advice before acting on any of the information provided.
Guardcover is a trading style of Thistle Insurance Services Limited. Thistle Insurance Services Limited is authorised and regulated by the Financial Conduct Authority. Firm Reference Number 310419. Registered in England No. 00338645. Registered office: Rossington’s Business Park, West Carr Road, Retford, Nottinghamshire, DN22 7SW. Thistle Insurance Services Limited is part of the PIB Group.
This article was submitted by Guardcover as part of an advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the advertiser and not those of Today’s Wills and Probate.
