Short term unoccupied property insurance cover launched

Belfast-based insurance underwriters Prestige Underwriting have launched a short term unoccupied property insurance product specifically designed for probate property to cover empty properties for up to 12 months. 

The  service caters for periods of three months up to one year which, given the ongoing delays with probate, provides protection for properties left empty during the sometimes elongated process. Prestige say the insurance is available across England, Wales and Northern Ireland.

“We understand that executors and trustees need solutions that are both comprehensive and adaptable, especially during a time of legal uncertainty. Our Short-Term Unoccupied Property Insurance addresses the specific risks associated with unoccupied properties, including fire, theft, storm, and subsidence, without the burden of excessive security warranties.”

says Alison Williams, Managing Director at Prestige Underwriting.

Despite probate delays easing in recent months the overall trend is that probate delays are lengthening. A Freedom of Information (FoI) request obtained from the Ministry of Justice in April found that the number of probate cases taking over a year to be granted has risen by 65% over the last three years.

Extended probate means many properties remain empty posing additional risks to client estates. The policy options include 3 levels of cover; fire, lightning, explosion and earthquake (FLEE) upto a fully comprehensive options including water damage, malicious damage and theft. While other policies may require stringent security measures, Prestige Underwriting’s solution does not require ‘onerous security warranties’, adds Williams, ‘making it a practical choice for properties of all types.’

Source: Quilter FoI Request: https://media.quilter.com/search/probate-delays-surge–a-65-rise-in-year-long-cases-unveiled-by-quilter-foi-data-analysis/