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Unoccupied Property building insurance

The Need for Unoccupied Property Insurance

B. Portwood & Co Ltd offer unoccupied property insurance on an empty or vacant house or home/ commercial buildings that are now no longer occupied for one of several reasons.

	The previous owner may have died and the property is now up for sale so that the proceeds are added to the estate. It is the responsibility of the executors to ensure that there is unoccupied property insurance on the empty house in place.
	The building may have just been purchased by a new landlord who has not yet found a tenant for the house and is empty - in this case the property may become occupied after a few weeks - or remain vacant for a longer period. There is a need for unoccupied property insurance until the new tenant moves in
	The property may be just unoccupied between tenancies when the current insurance expires and the current home insurance company does not wish to insure the property.
	The property may need renovation before becoming suitable for a tenant - in this case the unoccupied property insurers may need details of the type of renovation and the estimated period before quoting.
	The property may have been purchased with the intent that the owner will move in at a future date - after repairs have been done, or the owner has sold their old home.

For a quotation on unoccupied property insurance on business and commercial premises - Click Here

Difficulties obtaining unoccupied property insurance

Direct companies do not like offering insurance for unoccupied properties because they perceive the risk to be substantially greater.

The unoccupied property may be let in the future on a commercial basis - many house insurance companies do not wish to insure properties let out and so will not cover the unoccupied property - nevertheless it is worth contacting your current house insurance provider to see if they will provide cover if your main property is with them.

There are greater risks attached to unoccupied property that is empty

	There is not usually someone in so if damage does occur to the house then it may not be spotted for some time and additional damage may occur.
	Unoccupied property is often vandalised - bricks thrown through windows, burning rags pushed through the letter-box
	squatters may move in.

Risk Management

Companies providing unoccupied property insurance, will normally only do so if the insured is willing to help reduce the chance of a loss - this is known as risk-management.

	Arranging a regular inspection of the empty property either directly or by a trusted agent.
	Turning off the central heating in the home or ensuring that it is on permanently to reduce the risk of burst pipes
	Sealing off letter boxes in the home and boarding up windows to reduce vandalism.

Limitations of unoccupied property insurance

	Cover may be restricted to 'Fire Lightning, Explosions and Aircraft' - FLEA cover
	Check to see if cover for the 'wet perils' is included - storm, tempest, escape of water.
	Check if malicious damage is covered.

B. Portwood & Co also offer cover on other types of property, professional let, DSS let, student lets, asylum seekers as well as unoccupied property insurance.

End of information on unoccupied property insurance