Unoccupied Property Insurance

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    Unoccupied Property Insurance

    Every landlord has void periods, and I have one now. I would like to insure for the obvious risks, such as unauthorised occupants (squatters), malicious damage, etc. But whenever I've looked into this, insurers say they will only offer 'FLEEA' insurance (fire, lightning, explosion, earthquake, aircraft) while a property is unoccupied. These are NOT the risks I'm worried about! I assume it's a NO, but is anybody aware of insurance that will cover my (temporarily) unoccupied property for the actual risks mentioned above? I have not yet in fact had any squatters or malicious damage, so I feel insurers are missing a trick by not being in this huge market. Thanks, Marcus

    #2
    malicious damage is usually excluded if a risk address is unoccupied for more than thirty cosecutive days, likewise wet perils. Move someone in, even if only briefly. I know of no insurer offering any different.

    Comment


      #3
      Each insurer is different but most will continue full cover for 30days once the property first becomes unoccupied after which cover will become restricted. We actually have a couple of insurers which allow 60 or 90 days so it is worth checking your policy to see what the actual rules are. If you are exceeding the period of time and require cover beyond the restricted cover they provide, your only option is to cancel the insurance and take out an unoccupied insurance policy with the higher level of cover you need.
      Steve Smith - Company Director at a leading Landlord Insurance broker with 20+ years experience in the industry
      LandlordZONE Verified Poster and Topic Expert for Landlords Insurance since 2009
      See my profile for contact details

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        #4
        Lloyds allowed me 3 months on my late brothers house cover before I had to get special insurance which wasn't cheap

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          #5
          My insurance is with Aviva and I am covered for the property remaining unoccupied for 60 consecutive days. I have had unoccupied insurance before and I was covered for more than just FLEEA but one of the conditions was that someone was able to physically go and check on the property for me every week.

          Comment


            #6
            I once had a Commercial Property and had to close my business for a month because a car drove into the front of the building and demolished the doorway. I wnt on holiday for 2 weeks and when I returned I went to the property and let myself in through another door and everything was OK. That night the place was burgled and the thieves came in through the roof and when walking across the showroom ceiling fell through and damaged items in the showroom
            I made a claim on both my Business Insurance and my Landlords Building Insurance. (Bu coincidence the same Insurqance Company) They sent a Loss Adjuster to assess the damage. He said I believe you have been away for a month and as the building has been unoccupied for over 2 weeks you are not insured.
            Fortunately the lady who ran the business next door saw me at 8am coming out of my business and remembered it, The Loss Adjuster went to see her and she confirmed seeing me. If it had not been for her seeing me the cost of repairs would have been rejected.
            So if you have a vacant property, go at least once a week. Take Photos ?

            Comment


              #7
              Certainly the Zurich wording says a " Responsible Person " must inspect unoccupied premises at least once a week; there are also other risk requirements, esp during the winter

              Comment


                #8
                I've looked at unoccupied insurance a lot and I found that the most comprehensive insurer and least burdensome out there was from Alan Blunden Insurance Brokers (they run the "ABACUS" system which allows other insurance brokers to insure through them too).
                You can go to Cover4LetProperty which is a trading name of Alan Blunden and deals just with Landlords - you can get good prices from them on the phone.
                If you get a policy from them underwritten by Amtrust Europe limited, then you will get protection from malicious damage, theft and water damage. You can cancel the policy and get a pro-rated refund, or turn it into a normal policy, so that makes it useful for short term cover. However, all of this depends on the level of cover that you purchase.
                Unfortunately, I haven't found any that cover for squatters, I don't think that would ever be covered because of the legal issues involved.
                Hope that helps.

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