Many home owners realise that buildings and contents insurance cover is essential for their financial protection. What home owners are not aware of is the fact that most home insurance policies will not provide any cover if the home is vacant or if they do provide cover then this if often very limited. Typical home insurance policies will allow full cover whilst the property is vacant for up to thirty days. However this is not the case with all home insurance providers, so do check your documents if you home is going to be vacant for any length of time. There are specialist vacant home insurance providers who will provide cover for unoccupied buildings and the contents within the premises.
So why do most conventional home insurance providers do not offer any cover on houses that are vacant. The main reason is that vacant homes pose a greater risk for claims resulting from theft, malicious damage, escape of water and vandalism. Most home insurance providers only specialise in standard risks and as such offer no cover on vacant homes. They still offer a certain number of days of cover whilst your home is vacant but each insurer have their own limits on the number of days the property can remain unoccupied for. Some will restrict the level of cover to a very basic cover whilst the home remains vacant.
Insurers that specialise in vacant property insurance will normally provide an annual policy but there are some unoccupied property insurance policies available for shorter terms such as 3, 6 or 9 months. Most of the vacant home insurance policies will have some conditions which the policy holder has to adhere to. These can include for the vacant home to be inspected at least once a week by yourself or an authorised representative. You will be informed of all the conditions that apply to a vacant home insurance policy during the initial quote stage. If you obtaining the unoccupied home insurance quote online then you must read the documents and make sure you understand exactly what the policy provides cover for and what your duties are.
Numerous reasons exist as to why a vacant home insurance cover is required. A long holiday or a temporary job employment overseas could result in the property being empty for an extended length of time. Perhaps the property is on the market to be sold or you are a landlord and are looking for new tenants. Whatever the reason maybe, you must make sure that you have adequate buildings insurance cover in place and that the insurance policy will offer protection in the event of a disaster occurring such as fire.
As with most types of insurance, increasing the policy excess can reduce the premium of the vacant property insurance. Underwriters will also provide favourable terms for empty homes that meet their full security requirements such as a working intruder alarm system and key operated window locks fitted on all accessible windows.
An important point to note is that you must provide accurate information to the insurers when getting a quote for your vacant home. Any material fact that is withheld and not disclosed could lead to a claim or part of a claim not being paid.
Active Insurance (Agents) is a UK leading specialist vacant home insurance broker for both residential and commercial unoccupied properties. Compare, quote and buy online.
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