Choosing The Correct Insurance Policy For Your Unoccupied Property
Insurance companies exist to protect their clients against potential devastating financial loss
, but in order for coverage to be effective it is vital that policyholders ensure they have the appropriate policy. Property owners need to be particularly careful when it comes to choosing the correct insurance, to avoid claims being denied because of unsuitable coverage, and therefore it is a mistake for owners of unoccupied properties to assume standard household insurance is sufficient. To fully protect properties that are vacant, unoccupied property insurance is required.There are numerous reasons properties may be vacant for a prolonged length of time. Inherited houses are often unlived in, pending sale, because the beneficiaries already have a residence; old homes sit empty when a buyer has not been found before a new one has been purchased; properties undergoing renovation are uninhabitable until the work is complete; landlords find themselves unable to get new tenants in a timely manner; homes are abandoned while the owners go travelling for an extended period; properties are used only as second or holiday homes. Regardless of the circumstances, insurance providers typically consider a property to be unoccupied if it is left empty for longer than thirty to sixty days, and the coverage needs to reflect that fact.
Vacant buildings are easy to spot - junk mail accumulates in the letterbox, cars are noticeably absent from the driveway, people are rarely seen coming and going, curtains, if there are any, remain in the same position, lights are not switched on at night. Even if the property owner lives close enough to be able to visit regularly and remedy some of those issues, such as removing the mail, or a helpful neighbour has offered to keep an eye on the place, the overall lack of activity is conspicuous. This makes vacant properties particularly vulnerable to theft, vandalism and even squatters.
Furthermore, vacant properties are susceptible to destruction that could be preventable in occupied homes, since with houses standing empty there is no one around to notice problems until it is too late. An event as simple as a leaky tap or radiator that in an occupied home could be fixed immediately, would wreak havoc if gone unchecked.
Homeowners who already know the importance of having insurance to protect their residence against various catastrophes that may befall should not overlook insuring an additional property just because they do no live there or because they believe their current home insurance will offer protection. Insurance providers consider the risks, such as the ones mentioned above, to be greater than the risks to an inhabited home and thus will not cover an unoccupied building with standard insurance. Vacant property insurance is specifically designed to offer security against these enhanced risks as well as the usual insurable events that come with standard insurance.
As with standard insurance, it is possible to tailor a policy to include just building coverage or building and contents coverage. Whatever variation best suits an individual's needs, obtaining unoccupied house insurance is an important step absent owners need to take in order to have the peace of mind that protection exists should the worst happen.
by: Neil Roberts
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