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Insurance isn’t just for properties when they’re being used as homes or offices. It’s just as important to consider if you have an empty residential or commercial property too.
The unfortunate truth is, that when a property is left unoccupied it can quickly become more vulnerable to damage, theft and unexpected costs. Which is why Empty Property Insurance can be so important. Also known as Unoccupied Property Insurance, this specialist cover is designed to protect buildings that aren’t currently being lived in or used.
Empty Property Insurance is particularly useful for landlords whilst they are in-between tenants, homeowners dealing with probate, developers renovating a building or anyone who has moved out whilst a property sale is going through. Standard home or landlord insurance policies often reduce cover or become invalid once a property is left empty for a certain period, so relying on a typical policy can leave you exposed.
Unoccupied properties are higher risk simply because of the lack of regular activity. Issues like leaks, vandalism, fire or theft can go unnoticed for longer, making damage more severe and repairs more expensive. Unoccupied Property Insurance helps bridge that gap, giving you peace of mind whilst the building is not in use.
Cover can vary depending on the insurer and the level of protection you choose, but policies commonly include buildings insurance against risks such as fire, flood, storm damage, escape of water and malicious damage. Many policies also offer limited or optional cover for theft, squatters and property owner’s liability, which protects you if someone is injured on the premises.
Some insurers may set conditions, such as regular inspections or security requirements to help reduce risk. An experienced insurance broker, like Prizm Solutions can ask you the important questions, to guide you through these details and help arrange cover that suits your exact situation.
Whether a property is empty for weeks or months, having the right insurance in place ensures it stays protected until it’s occupied again, helping to save you time and stress should anything go wrong whilst the property is empty.
As well as Unoccupied Property Insurance, Prizm Solutions can also help with many other business and personal insurances too, including Builders Insurance, Renovation & Property Conversion Insurance, Home Insurance, Landlords Insurance and Public Liability Insurance.
