When is Unoccupied Property Insurance Needed?

If your own an an empty property then you will require an unoccupied property insurance to protect your investment. To begin with there could be many reasons why your house has become vacant. Just because it is vacant does not make it any less at risk for various types of potential disasters like flood, fire or vandalism. In any event the need for Unoccupied Property Insurance is most certainly there.

Let’s assume you have purchased a new home but don’t have a buyer for your existing one. You are going to move into your new home and leave the existing one on the market for sale. It still needs protecting. There will be viewings of people interested in buying your house and you are not there to oversee that nothing goes amiss. Someone could be smoking in the house for example and not extinguish the cigarette properly and it leads to fire. This is just one of many reasons why you require Unoccupied Property Insurance.

Then you may have had a relative pass away and the house is now sitting empty. Most likely you will want to leave the contents in the house even for a short period of time until you can sell them or move them or even perhaps have a contents sale. In this case you must be sure to check with the existing insurer to see if the current policy will cover the unoccupied house. If not then you will have to make arrangements for Empty Property Insurance quickly.

If you have rental property and your tenants move out then you are going to have some vacancy for at least a short time.

Then maybe you want to have some renovations done on your home so you are going to vacate it for a period of time. Again you should check to see if you are going to need Unoccupied Property Insurance while out of the residence.

You should always check with your existing insurance and see what your policy states regarding the property being vacant in any of these circumstances. If you are not covered then you need to see if they have special coverage for this circumstance and if not then you will need to seek out an insurance company that provide this coverage for you.

You may find it difficult to find Insurance Companies that will provide Unoccupied Property Insurance.  However there are Companies that will do so, and will do it at a reasonable cost. Those Insurance Companies that will not offer this service are of the opinion that the risks of claims being made are much higher when there is no one at the premises.

In any event it is not worth taking the risk of just not bothering to get the Unoccupied Property Insurance that you need. It just may mean a little shopping around and making some inquiries to get the vacant property insurance that you need.


QuoteUS is a leading supplier of unoccupied insurance for empty house and buildings.

Article from articlesbase.com

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