If you currently have an insurance policy, be sure to check if the cover is designed for an unoccupied property. Some standard home insurance may not cover a second property or a property that has been vacant for longer than 30 or 60 consecutive days.
The following steps should be considered when accessing what type of insurance cover will help keep your unoccupied property protected.
1. Check your current insurance policy
If you currently have an insurance policy, be sure to check if the cover is designed for an unoccupied property. Some standard home insurance may not cover a second property or a property that has been vacant for longer than 30 or 60 consecutive days.
2. Consider unoccupied property insurance
If you have a residential or commercial property that is vacant for more than 30 or 60 consecutive days, it is worth considering taking out an unoccupied property insurance policy, this is due to the fact that policy terms vary, and some standard policies may restrict or exclude cover once a property has been unoccupied for a certain period (commonly 30 or 60 days).
If the property is damaged by fire or water while there is no one living there, the damage might not be covered under a standard home insurance policy but may be covered under an Unoccupied proprieties insurance policy.
3. Check your policies terms and conditions
Be sure to check what restrictions or terms and conditions are in your insurance policy. 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.
4. Check exactly what you’re covered for
It is also advisable to check what exactly your unoccupied property policy covers you for. At One provider Guardcover, they provide a wide range of cover for your unoccupied property against events such as:
- Accidental damage
- Fire, storms, and floods
- Breakage of glass
- Theft and attempted theft
- Escape of water or oil (including water from a plumbing or heating system
- Subsidence
Terms, conditions, limitations and exclusions apply such as:
- Loss or damage caused by frost, wear & tear, leakage from sprinklers, fraud, coastal or river erosion, defective design, inadequate foundations;
- Accidental Damage caused by rust, corrosion, vermin or insects, faulty workmanship;
- Breakage of glass in transit, whilst being fitted, or caused by workmen carrying out alterations or repairs to your premises;
- Damage to gates, fences or moveable property in the open by weather-related incidents;
- The cost of general maintenance
- Escape of Water/Oil cover unless you have taken out an optional additional cover…
…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.
