Insurers see a vacant house and other empty property as a higher risk than an occupied property, essentially because no one will be there if a problem arises. For instance, if a pipe bursts, it may be some time before someone discovers it, which results in unoccupied property insurance generally being more expensive. Many insurance companies will also limit the level of cover they are prepared to offer to FLEEA cover.
It is important to note, that if you think your unoccupied property is currently covered under a household policy, the chances are, it isn’t – and the worst time to find out is when you need to make a claim. The majority of household policies only offer 30 days unoccupied cover at most, before voiding the policy, and they will usually limit the cover they will provide to just FLEEA cover (this does not apply to householders going on holiday for a couple of weeks).
On top of this, many people with empty houses are looking for short term cover because they are selling their property or perhaps waiting for tenants. Insurers prefer to sell you a 12-month policy and many try to avoid selling short term policies, or customers cancelling a policy early. So when it comes to early cancellation, you can end up being out of pocket if you buy the wrong policy to start with. This also means some companies will not offer installment plans on these policies, or they won’t provide cover without a large deposit up front.
Although all of this sounds like a minefield, Coversure has been dealing with more specialised insurance queries for more than two decades, so we can do all the hard work for you. Our team of highly experienced and approachable property insurance brokers will conduct a thorough search on your behalf and find the most appropriate policy for your unique set of circumstances. Our many years in the industry also means we have built close working relationships with many insurance industry giants, which means we can offer exclusive and discounted policies to our customers.
So get in touch and let Coversure quote you today.
Or if you prefer, cover can be limited for a saving.