Unoccupied Property Cover
What Is Covered under the Terms of Unoccupied Property Cover?
There are various types of unoccupied properties, which all need to be insured. However, there are certain similarities between the different types of properties. As such, standard unoccupied property cover generally includes:
- Cover for both buildings and contents.
- Flexibility on your terms and conditions, particularly in relation to utilities.
- Legal cover to protect from squatters and trespassing, including support for eviction.
- Short term cover, so that you don't have to pay for your insurance if the property is no longer unoccupied.
- The option of full cover, which includes such things as escaping water and vandalism. This is generally subject to meeting certain security requirements, however.
At Quote Supermarket we understand these differences, and can offer insurance to meet most people's needs through our flexible approach. We know our prices are great, and believe that you will be pleased when you receive our quote.
The Different Types of Insurance
As said, there are different types of insurance because there are different types of unoccupied properties. It is therefore necessary to first establish which category your building belongs to.
- Unoccupied properties that are waiting to be sold. These properties will always remain unoccupied whilst in your possession. This is also one of the most common reasons for a property to get sold. However, these properties can be unoccupied for anything from weeks to years, which makes it more difficult to pick the right insurance. After all, you don't want to be hit with expensive cancellation charges, if the property is sold before the date of the insurance renewal.
- Unoccupied properties waiting to be let out. These houses will remain in your possession as they are an investment, but stand empty because one tenant has moved out and you are awaiting the next one. Very often, the period of un-occupancy is very short, which means that the policy should be very flexible.
- Unoccupied properties awaiting renovation. If you are fully renovating your property, something that can easily take months, you will need to have it insured as well, beyond regular building and contents insurance. In this case, the actual work that is taking place can also be insured.
- Unoccupied properties that are awaiting probate. Last but not least, properties can be empty because the previous occupant has died. The house will then go to probate, in which case it will require specific insurance as well. Often, contents insurance is included with this, at least until the contents have been either divided or sold. Furthermore, this type of insurance usually includes security of the property itself.
It is very important to have unoccupied property cover in place if you have financial responsibility over a property that is not being lived in. You have to make sure you can receive financial compensation for any problems that may occur, whether you intend to live in the property yourself or not. Properties are incredibly expensive to maintain and to fix, so having a good insurance policy in place will likely save you money and provide peace of mind. Call one of the Quote Supermarket advisors today to start protecting your investment, or use our online form to receive your quote instantly!
