Unoccupied Building Insurance
If you own an unoccupied building, you need specialist unoccupied property insurance to make sure you are covered properly.
A range of unoccupied property insurance policies are available for different types of empty buildings such as empty houses and other residential properties as well as unoccupied commercial buildings including vacant industrial units, shops, offices and unused factories and warehouses.
When Do You Need Unoccupied Property Insurance?
Cover can be more expensive for unoccupied property because of the increased risks of events such as vandalism, fire, theft and water damage and hence, more claims. Not all insurance companies will offer cover and availability of cover will depend on a variety of factors, including the length of time the building has been empty.
Properties can become vacant for a number of reasons. You might be waiting for new tenants to move in or a sale may have fallen through; you may have inherited a property or the building might be undergoing renovation or being altered or extended.
What is Unoccupied Buildings Insurance?
Standard residential or commercial buildings insurance doesn’t normally cover property that has been empty for over 30 days – so if this is the case it is vital that you check your policy wording and, if unsure, ask your insurance broker or insurer.
Specialist unoccupied buildings insurance will be needed instead. This will usually have some restrictions in cover, a higher excess and additional terms and conditions.
Cover may be restricted to Fire, Lightning, Aircraft and Explosion only or additional cover may be available. Policies should include property owners liability. The cover on offer may vary from insurer to insurer depending on circumstances and there may be a choice of different levels of cover at different premiums.
It’s important to check that you can comply with the policy terms and conditions when you get an unoccupied buildings quote as, again, these can vary from insurer to insurer and can affect payment of a claim.
How To Get Empty Building Insurance
It’s best to speak to an independent business insurance broker to make sure you get the best unoccupied property insurance at a competitive price. They will usually get you several quotes from different insurance companies that specialise in unoccupied buildings insurance and then recommend the product that best fits your requirements. They will then explain to you what it is that you are buying and point out the important policy conditions that you need to be aware of. If you work with a local broker, there’ll also be an expert on hand to help you if you ever need to make a claim.
Get An Unoccupied Property Insurance Quote
Here at Breathe we have many years of experience in arranging unoccupied buildings insurance for residential and business clients in the UK. We offer free advice and will search the market on your behalf to get you the most competitive quote.