One in seven properties in the UK are left unoccupied for more than one month at a time, meaning the incorrect policy could be in place as most insurance policies will not provide cover for properties unoccupied for longer than 30/45 consecutive days, usually based on a residential property and on a commercial property this would be subject to an insurers referral.
What is unoccupied property insurance?
Unoccupied property insurance is designed to protect properties on a partial cover which are Fire, lightning, explosion and earthquake.
We can accommodate the following additional benefits through our specialist panel of insurers, who offer different tiers of cover and these are a few of the benefits:
Fire, Lightning, Aircraft, Explosion, Storm, Flood, Subsidence, Landslip and Heave
Property Owner’s Liability £2,000,000 (up to £5,000,000)
Loss of Metered Water: limit £2,500 anyone claim, maximum £5,000 anyone period of insurance
Loss or damage caused by emergency services - £1,000 anyone period of insurance
What is the reason of an unoccupied property?
There could be various reason to why you may need unoccupied property insurance, these are some of the main reasons:
Your company may have purchased a property but will not be using it for more than a month.
The property is awaiting probate or sale.
The property may be undergoing renovation for a period of more than a month.
The property is used for letting purposes and is vacant for a period of more than a month while switching between tenants.
The property is based overseas and is vacant for a period of more than a month
Insurer’s standard conditions on an unoccupied property policy;
When the Buildings (or part thereof) are Unoccupied insurers request the following conditions for the property owner to comply with, otherwise all Damage arising from or caused by Defined Perils (where the Peril is operative) of Fire, Explosion, Oil escaping from any heating systems or domestic appliances, Malicious Act and Vandalism, Theft or attempted Theft will be excluded.
1. Property must be inspected every fourteen days, keeping a written record noting any damage or breaches in security. If measures taken to prevent further damage or breaches in security have proved inadequate, improvements must be made and documented.
2. all gas, water and electricity mains supplies are kept disconnected and water systems drained (except those supplies required to maintain automatic sprinkler installations, lighting or alarm systems which are to remain in operation for security or fire protection purposes) however a fixed central heating system may remain in operation provided the heating system is linked to a frost-stat and a minimum temperature of 4°C is maintained
3. The following minimum protections are in operation:
a. all doors and windows are securely locked and fastened
b. all security and alarm protections are set in full operation and are in proper working order
c. any letter boxes sealed
4. If unauthorised entry or attempt thereat is detected more than twice in any one Period of Insurance, immediate notice must be given to Underwriters
5. all loose or moveable combustible items or materials other than fixtures and fittings are always removed from the Buildings and cleared from the Premises
6. all waste or refuse must be removed from the Buildings and cleared at least once a week from the Premises
7. tanks containing fuel or other flammable liquids are drained and purged within 14 days of the Buildings becoming Unoccupied (Not applicable if property in Northern Ireland)