Even when a property that you own is not occupied, it is important to keep up any insurance policies that you have in place for that property.
There are many reasons why an unoccupied property should be covered by a fully comprehensive insurance policy. After all, your property is a large investment and you'll want to make sure it has protection at all times.
Just because a property is empty does not mean that it is excluded from risk. Indeed, risk is often increased if there is no-one living there to keep up with maintenance or to keep it secure. What if there was a fault with a heating or water system? This could cause extensive damage if it isn’t spotted straight away. Slow but sustained water leakage could cause damage to floors, ceilings and decorations in a property even making the structure unstable.
Damage can also occur from damp or condensation because the property is not being regularly ventilated.
As with any property, unoccupied properties are also at risk from storm damage, flood, lightning strike and earthquakes - more reasons to ensure your property is adequately covered with proper unoccupied property insurance.
Unoccupied properties can also be susceptible to theft and malicious damage. They can be targeted specifically because they are empty and this could result in lengthy clean-up work and expensive repairs or replacements.
Some insurance companies do not offer policies to properties that are unoccupied for extended periods. Many specialist underwriters, however, do understand the risks of unoccupied rental properties and can provide tailored cover for your empty property. Some landlord polices offer extended cover for when your property is empty between tenants. There may be certain terms and condition that apply, for example, you might need to carry out regular checks.
The premiums that you pay to insure an unoccupied property will depend on a range of factors. The security of the property will be taken into account and whether the property is checked at regular intervals. Proof of regular maintenance checks and servicing to appliances within the property may be required.
Compare quotes with Policy Expert and we’ll help you find landlord insurance from a range of handpicked providers. Our experts can also answer any questions that you may have.
Read more in our landlord insurance guides or get a quote now.