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What is Unoccupied Property Insurance?
Unoccupied property insurance is a specialist Household or Landlords insurance policy that is specifically designed to cover empty buildings (that is buildings which have been, or which will be unoccupied for 30 or more consecutive days).
What does an Unoccupied Property Insurance policy actually cover?
The basic policy will cover damage to your assets by a list of specified perils including fire, lightning, explosion, aircraft, impact and subsidence.
It can also be extended (in most cases) to cover damage by riot, vandalism, storm, flood, burst pipes and theft, dependent on what precautions you’ve taken, what condition it is in and how long it has been vacant. It also covers Property Owners Liability (in case a tile falls off the roof and hits a passing pedestrian, for example).
How much does Unoccupied Property insurance cost?
It varies massively according to where the property is situated, what type of building it is, what it’s built of, how long it has been vacant – and of course how much it needs insuring for.
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Possibly, but possibly not. You MUST tell your existing insurers if the property is empty, and most ‘standard’ policies will immediately restrict cover to damage occurring by Fire, Lightning, Aircraft and Explosion ONLY, which doesn’t cover you for the usual types of damage to empty buildings which we see.
It varies according to the individual policy wording, but we will tell you about the ‘small print’ before you buy so you can make an informed decision. The usual things involve regular inspections, switching off and draining the water, sealing the letterboxes, decent locks on all accessible doors and windows. Basically, making the property more secure.
You must insure it for the full rebuilding cost of the property, which includes architect’s fees, demolition costs, removal of debris etc. A market valuation is no use at all. If you don’t know how much to insure your property for, we would recommend you get a Rebuilding Cost Valuation which will tell you, and yes, we can assist with arranging this on your behalf.
In the event of a loss your claim will be reduced by the percentage by which you are underinsured. It’s called ‘average’, and it works like this.
If you should have insured it for £500,000 and only insured for £300,000, then that is a ratio of 3/5 (= 60%) so then you will only get 60% of any claim. So, if you claimed for a new roof costing £100,000 you would only get £60,000 towards it.
At Prizm, we primarily deal with Geo, Modus, Magenta, Aviva, AXA, NIG, Royal Sun Alliance, Ecclesiastical, Covea, Jensten, Accelerate, QBE, MI Commercial, Zurich, Allianz, Victor, Eaton Gate, NBS, Touchstone, Breeze, Commercial Express, Arch and Lloyds underwriters although the companies offering this insurance may change as the market changes.
If you need to make a claim on your insurance, you need to call your insurance broker or insurance company straight away.
If you have a policy with Prizm Solutions, then you simply call us.
As your broker, we are here to help – and we will provide you with all the contact numbers you need to deal with a claim when you take out the policy.
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Prizm Solutions Limited
First Floor
The White House
16/20 Church Street
Tamworth
B79 7DH
Prizm Solutions Ltd are authorised and regulated by the Financial Conduct Authority.
Prizm Solutions Ltd are registered in England and Wales, Registration Number: 05936749, Registered Address: First Floor, The White House, 16/20 Church Street, Tamworth, B79 7DH.
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