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If you are the owner of a property that is either a holiday home or an investment property which through circumstances may be left vacant then you need to understand when you will need vacant property insurance. This can occur in either unfortunate or fortunate situations.

Before you become to concerned as beginner to the issue of vacant property insurance, the very first thing you need to know is about the amount of time a property needs to be vacant to need the insurance. The answer is that this actually can vary, but it is better to err on the side of safety which is 30 days. of vacancy on your normal policy.

On many normal landlord insurance or property insurance policies you will find that the leeway period is up to 30 days, and therefore once you pass this period you should have taken out a specific vacant property insurance policy. Sometimes these situations can occur by surprise but if you know that this is going to happen in advance it is wise not to take risks. Do not cut corners and set yourself up in advance with the correct insurance policy.

When you own an extra property, and are new to the whole situation, you are more than likely not thinking about the worst case scenarios. These days the possibilities of these are on the up due to the severe economic difficulties being experienced by many people. The types of scenarios that can leave you with a vacant property are the loss of tenants, who perhaps cannot afford to pay. This then turns your property into a potential target for homeless people, as well as house thiefs and other criminals.

On a more positive note there are happier scenarios that may catch you on the hop, such as having the luck to go on a long holiday, or receiving an inheritance or even moving to sunnier climes. But even under these pleasant circumstances it will cost you money to protect your asset as insurers will consider a vacant property to be a bigger risk, which of course is not a big surprise. This is not only because of crime but also the fact that there is no one living in the property to be aware of water leaks and other problems that can cause serious damage to your property.

With your existing policy even if you feel it is a short holiday that you are going on, but the insurer does not, it is important to realise that your policy is likely not to include cover for water damage, malicious damage or contents theft. In freality what is even worse is that failure to notify your insurer can end up in extreme circumstances and your policy becomes invalid.

Now that you have the awareness and undertanding the next thing to do is to source an insurer that can offer you flexibility. Look for an insurance company who are willing to recognise that on many occasions a property could be left empty due to the owner due to a gap between tenants, going abroad or the desire to improve your property with refurbishments.

You need to find one of the existing reputable, flexible insurance companies who will offer you three optional levels of cover. These can include the highest level of cover available within the vacant property insurance market. Consider your situation in advance and invest in protecting your asset, rather than through ignorance or trying to save money that you find yourself in a dire situation and without the correct cover.

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