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Any homeowner or landlord who is planning or already has an unoccupied property for more than 30 days must inform their home insurance provider. Otherwise, their cover is at risk and any claim they make likely to be invalid.

Recent figures are showing a rise in the number of residential and commercial property owners who are failing to arrange Unoccupied Property insurance for their empty properties. This is mainly because of the current economic conditions, where many are gambling the security of their vacant property by thinking they could save a few pounds on an adequate insurance policy.

This is a major risk, and of course the wrong thing to do because without Unoccupied Property insurance in place, they are not covered against the many risks associated with empty premises, like fire, vandalism, malicious damage and theft.

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The annual cost of such uninsured vacant property risks is estimated to be many millions of pounds, and this could be avoided if owners were to comply with insurance requirements as their circumstances change.

Other considerations for owners leaving their properties unoccupied include the risks they pose to other people. For instance, it is the owner’s responsibility to ensure their empty property is in a safe state and does not pose danger to any trespasser. If an injury does occur, and there is inadequate insurance, then the owner could be facing a major headache and that’s not to mention the financial implications.

It is highly advisable therefore to spend the additional money and get the right type of Unoccupied Property insurance while a property is left vacant. It is a misconception standard home insurance will provide all the cover needed for a vacant property. It is wise to get the right insurance advice immediately, because it is the only way to ensure peace of mind.