An unoccupied property whether it’s a building or a house is always at a great risk due to lack of human intervention just in case of an emergency. It may be in danger of vandalism and most especially, theft. Majority of the home insurance policies do not cover properties which become unoccupied. There are some companies who cover it but on the average, the maximum period would be just for 30 days. That’s why there’s a lot of people feels that there’s a need for Unoccupied Property Insurance.

Unoccupied property insurance is referred to as empty property insurance or vacant property insurance, so don’t be confused with the terms if ever you talk to an insurance company representative, they just mean the same. Whatever term you prefer to use, it’s an insurance designed for any property that you own which is currently not unoccupied. I believe it doesn’t take a genius to figure that out. Below are the scenarios where an Unoccupiedproperty insurance may be used.

• You and your fiance have just purchased a house and lot but you do not intend to occupy it yet until you get married which is 6 months from now.
• You and your entire family will be staying overseas or in any other part of the world  for a business opportunity for a year.
• The property is undergoing renovation and it’s currently uninhibitable.
• God forbid, the previous owner may have died already  and the property is currently being sold. (The executors will have the reponsibility to get an unoccupiedproperty insurance).

Generally there are two types of insurance for unoccupied properties . First one is Short term unoccupied property insurance where it could be bought for either 3,6 or 9 months and the second would be, guess what, It’s the long term unoccupied property insurance where the property will be occupied for at least a year or more.

The main features of insurance for unoccupied property are: (depending on your terms and agreements with the insurance company)

• Protection against vandalism
• Fire or smoke damage
• Cover for damage caused by water or subsidence
• Theft including thefts from garages and other outbuildings
• others (please contact your insurance company as coverage varies)

However, before you can qualify for an Unoccupied Property Insurance, you will have to comply with the Insurer’s requirements like arranging a regular inspection of the property, draining water tanks, turning off the central heating, installing a lock approved to BS3621 standard, installing a Key-operated security devices to all opening windows and even having the letterbox sealed to avoid the risk of vandalism. Again, it will all depend on your Insurance company so make sure to review the terms and agreement very carefully before paying for it.

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Tags: empty property insurance, home insurance unoccupied property, landlords property insurance, let property insurance, rented property insurance, unoccupied buildings insurance, Unoccupied property insurance