Is the residential or commercial property you own going to be left temporarily empty and unoccupied because you are:
These – and many others – may be valid reasons why you need empty property insurance.
The answer is because of the way in which your current insurer – of standard home insurance, buy to let insurance or commercial property insurance assesses the risks of an empty and unoccupied property. In a word, those risks increase when the building is empty.
Amongst the heightened risk factors are the facts that an unoccupied property:
Given these heightened risks, your regular insurer is likely to limit the extent of cover or treat your policy as lapsed entirely once the building has been vacant for longer than 30 to 60 consecutive days – the precise interval varies from one insurer to another.
The result is that your property may be left completely unprotected against a number of key risks, leaving you open to considerable personal expense if an incident occurs whilst the premises are unoccupied.
Empty property insurance is designed to step into the breach and restore an appropriate level of protection – which is why you need such specialist insurance once the property has been unoccupied for longer than a month or so.
Most providers are likely to offer a choice of different levels of cover, from the more basic to a fully comprehensive insurance that effectively restores all the cover you currently enjoy whilst the property is occupied.
Empty property insurance is also sufficiently flexible to allow you to choose cover for just the period of time that you need it. If the property is going to be empty for no longer than six months, let’s say, you may buy this standalone form of insurance cover for just those six months and not have to pay premiums on the remaining six months to complete the full year typically required by other forms of general insurance.
If it subsequently turns out that your property is going to be empty for longer than you anticipated, the insurance may typically be extended by the appropriate number of months.