Obtaining An Empty Property Quote

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Monday, June 28th, 2010 Subscribe To Our Feed

An empty property can stick out like a sore thumb and you may be unpleasantly surprised at just how much attention it attracts from people of ill intent. Making sure that you have adequate insurance cover if your own or your buy to let property is empty can generally be important – and that process starts with an empty property quote.

Empty property may equal potential invitation

There are a number of steps you you can generally take to make your property appear to be occupied when, in fact, it isn’t. You may wish to take the help and advice of your local crime prevention team.

However, in spite of such measures, professional burglars use techniques that typically see through your efforts. That may attract them to your property because typically burglars seek to avoid confrontation at all costs.

In a nutshell, that’s why an empty property is generally considered to be a higher risk by insurers than would be the case with an occupied property.

Unnoticed issues

It’s also the case that if your property is empty, a problem may arise that is initially trivial but which could turn into a major disaster if it goes unnoticed and un-remedied.

Water leaks are perhaps a excellent example of such an occurrence.

Due to this insurance providers typically class property that is empty as being a much higher risk than one that is occupied.

Unoccupied property – definitions

Few if any properties are guaranteed to be occupied 24 x 7.

Exact definitions may differ between insurers but usually if a property stands empty for a period of more than 30 days it may be defined as being unoccupied. This may apply to owner occupier properties and buy to let insurance.

If your property suffers a problem while it is classed as unoccupied, but vacant property insurance is not place, then any claims you make might usually be at risk of refusal. That’s why getting an empty property quote may be wise move.

Reasons

In general, insurance providers generally regard your property as unoccupied if it meets the criteria outlined above and they typically won’t make exceptions. You may need an empty property quote if the property may be empty due to the following:

· gaps in lettings;

· if empty while you are decorating

· repairs, extensions or when decorating;

· if you take a holiday that is extended or you have to go away to work;

· if the property is a probate property.

If any of the above relate to your property for 30 or more days then your home buildings insurance may not apply. This is a risk that might not be worth taking.

Empty property insurance providers

When looking for insurance for buy to let you should consider that there are specialist insurance providers out there.

A quick empty property quote could be obtained and that may provide you with the information you need to purchase a policy. As you will be putting a great deal of money into the property development insurance is something you may not want to be without.

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