Insurance for Empty Buildings is a specialised area of the building insurance market; most standard house insurance underwriters are not prepared to accept the risks involved. Unoccupied buildings are often unattractive to insurers in view of the increased chances of Theft & Malicious Damage and without adequate heating in place the threat of burst pipes increases as well
Empty properties fall in to several classes, some are domestic dwelling houses, on the market awaiting sale , often unoccupied property insurance is only required for a short period of time, short term insurance is not particularly attractive to insurers because of the relatively small premiums involved in return for the cover offered. Most though, properties are unoccupied whilst undergoing repair or renovation and cover is available with the perils offered ranging from insurer to insurer. Many Buy to let buildings are unoccupied when first acquired.
Often Letting agents will not place properties on their books until such time as they ready for habitation. Many need cosmetic works, such as new bathrooms and kitchens etc. If you have an unoccupied building which you intend letting you will also need to make sure that you comply with all of the Health & Safety requirements such as having the When selecting am insurer for unoccupied building insurance is is important to disclose all material facts, always tell them exactly why the property isd unoccupied and provide them with an exact schedule of any works you intend to carry out at the property. Depending on the condition of the property, you may well be able to obtain fairly wide cover. With unoccupied property insurance, it is absolutely essential that you study the Keyfacts and policy wording documents. This type of cover will almost cerytainly come with a range of restrictions and conditions. Typical restriction s on an unoccupied building include the following.
You will be required to inspect the property on a regular basis, usually once every 14 days. You will have to keep the property tidy and prevent any build up post or paper, some underwriters will require you to seal up the letter box You will have to keep the bui9lding free from waste materials in the garden or yard, in particular, insurers will require you to remove any combustible materials. You will be required to drain down all the water systems and turn off stop cocks etc You will be required to switch off al the electrics. Sometime insurers will allow you to leave the electricity supply switched on if you intend to keep the heating system switched on, between the months of October to March, this can help prevent burst pipes.