When to think about an unoccupied property insurance quote

January 6, 2013

Landlords Insurance

There are a number of circumstances under which you may need to think carefully about the nature of your landlords insurance:

  • that might arise in circumstances where your property stands unoccupied for a period of consecutive days that exceeds the maximum allowed under the terms of your existing landlords policy;
  • in such circumstances, you might typically find that a standard policy would become invalid and you would have need of an unoccupied property insurance quote;
  • the reason that might be required is relatively straightforward.  Insurance providers typically regard unoccupied properties as being at higher risk, in certain respects, than those with occupants.  Obvious examples of increased risk might be things such as burglary, vandalism and unattended to problems causing damage to the property;
  • one of the key concepts underpinning the idea of unoccupied property cover is that of the absolute nature of the clause.  Although a typical standard landlords policy may offer a sufficient number of consecutive unoccupied protection days to cover things such as normal tenant holidays and changeovers, once the specified maximum number of days is passed then whatever the cause, your policy may still become invalid.

As a result of that, there are a significant number of situations within which you may need to be thinking seriously about unoccupied cover.  Just a sample of those might include your property sitting unoccupied due to:

  • building and redecoration work;
  • extended holidays or business trips on the part of you or your tenants, meaning the property is left standing unoccupied;
  • a house or flat conveyance becoming delayed due to things such as probate or divorce proceedings;
  • tenants failing to arrive on the expected date in order to take up their tenancy; etc.

Keep in mind that in the event of a claim, insurance providers may have methods of establishing the very precise occupancy position of a property at the time the incident took place.  As a result, it is not advisable to think that unoccupied cover is an unnecessary extravagance.

At CIA Insurance we have considerable expertise in all aspects of unoccupied properties and their insurance.  We would welcome the opportunity to offer you further advice on this subject.

 

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