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Empty Property Insurance
In the event that your property becomes empty, it would be more difficult to find insurance for it than it would an inhabited house. There are various reasons why you may have an empty home and require vacant property insurance, such as the previous owner may have died and the property is on the market, the building has been purchased by a new landlord but has not been leased out yet, the property is unoccupied between different tenants, or possibly the property is being renovated and is not inhabitable.
Empty properties are also seen as more high risk, as they are more likely to succumb to theft and vandalism. There is also the fear of squatters and any damage caused as a result of property neglect for long periods of time. Empty property insurance is also known as unoccupied property insurance or vacant property insurance
Some insurers will not provide unoccupied properties insurance, while others can have widely varying premiums, depending on the reasons for the property being uninhabited. There are ways of reducing your chances of loss and increasing your chance of insurers wanting to cover your property. These include
Ensuring the central heating is turned off when the property is empty.
Arranging regular inspections of the unoccupied property insurance.
Securing windows, letter boxes and doors to prevent vandalism.
You may wish to let your property out in the future, which is also a concern for insurers. This is due to tenants being less likely to take good care of a property, as they do not own it.
With a wide range of policies available to you from a variety of UK insurers, it can be taxing finding the right coverage. It is important to ensure that the policy will cover you for everything you need and that you check there are not any exemptions in the small print that would prevent you from making a claim.
For a scheme by a UK insurer, that is suitable for you, check online for a quote now with UKinsuranceNET or talk to one of our experienced advisers.
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