Unoccupied Property Insurance, do I need it?

November 4th 2019
empty house

As the name suggests, unoccupied property insurance is a type of insurance for properties that aren’t lived in. It can cover a range of things, including:

  • Weather/fire damage: If natural disasters or a fire happens in your unoccupied property, any damages are covered by the insurance.
  • Leaks: Pipes may burst in your property, and you’re protected if this leads to property damage.
  • Theft/attempted theft: Unoccupied properties are prime targets for burglars who see them as an easy property to break into. If this happens, and items are stolen, then unoccupied property insurance covers the cost of your lost items.
  • Legal fees: Squatters or trespassers can often be found on unoccupied properties and refuse to move. In this scenario, your unoccupied property insurance will cover the cost of legal expenses required to move them.
  • Vandalism: Again, properties with nobody in are prime targets for vandals. Removing any damage caused by vandalism can be costly, which is why this insurance covers it.
  • Property owner’s liability: If a member of the public suffers an injury on or linked to your property, then your insurance covers any costs relating to this.

So, you can see how unoccupied property insurance works, and it’s clear to see how helpful it can be. When a property isn’t occupied, you tend to forget that things can go wrong with it. As such, this insurance gives some much-needed financial protection.

The question is, do you need unoccupied property insurance? Well, there are multiple reasons a property may be left with nobody in it for a period:

  • You’ve bought a property, but you want to renovate it before somebody moves in
  • You’re looking to extend the height or size or your property
  • You’re looking to sell a property and have already moved out of it
  • You’re a landlord who currently doesn’t have a tenant
  • You’ve gone travelling for an extended period
  • You’re waiting for a probate
  • You’ve bought a property, but it’s not currently safe for anyone to live in

The list goes on and on, but the main theme is that you should get unoccupied property insurance if you’re a property owner who owns a property that isn’t going to be occupied for an extended period.

Is it worth getting this insurance if your property is unoccupied for less than 14 days? Probably not, purely because the costs outweigh the benefits in this scenario. But, any longer than that, and it’s well worth getting this insurance.

What are the benefits of unoccupied property insurance?

The central benefit is that you can protect your property against lots of different issues while it’s unoccupied. A property with nobody in it can pose different risks to one with people living inside. When someone lives in a house, they take on responsibilities to prevent accidents, keep it safe from burglars, and so on. If no-one is around to do this, then the property is potentially at risk of suffering damages, being broken into, and so on.

In conclusion, unoccupied property insurance is needed if your property is temporarily empty for a while. If you’re looking for the best unoccupied property insurance, then feel free to get in touch with us today. We offer a depth of coverage that helps protect your property and your finances.