Unoccupied property insurance is something that must be considered by any property owner whose property is not occupied for an extended period of time. Unoccupied property insurance does, however, cost far more than traditional homeowners insurance due to the higher risk that is associated with an unoccupied property.
The reasoning behind this includes the fact that problems, for example, water damage due to a burst geyser or any other problem will be noticed and reported far earlier if a property is occupied. Damage could therefore be minimal as owners or tenants would defuse the problem by having it repaired before it becomes a serious problem.
This insurance premium is approximately three times more than traditional home owners insurance, and you would think that there would be far more cover. Unfortunately, the opposite is true as unoccupied property insurance covers the insured for less than traditional insurance. Major risks that are covered generally include fire, earthquake and water damage. The specific policy detail will have to be carefully assessed to insure that you are covered for other risks you may be prone to.
Comprehensive cover is available for all eventualities including content cover, damage from animals; theft flooding etc. but this will be a hefty premium. It is important to properly assess the risk that your property may be prone to as many try to minimize the expense by taking the least cover possible. This could, however, work out to be very expensive should and uninsured event occur. It may be more prudent to rather store all home contents rather than have it in the house, and have to pay the excess contents insurance fees.
Often unoccupied property insurance is provided by companies that specialize in this type of insurance, using such a specialist company may also have a lower insurance premium. The Internet also offers a unique advantage to consumers as it is possible to obtain multiple quotes and information on what is and is not covered.
There are many reasons why a property owner would need to leave a property empty. It is therefore good to get a realistic estimation of how long you expect the property to stay empty. This will most definitely be a deciding factor on how much cover and the type of cover that would be required. The property type will also make a difference as a commercial property and an industrial property will have different risks to a residential property.
Other than the excess insurance premium, an unoccupied property usually means the owner is losing out on some sort of income. It is therefore in the best interest of the owner to insure minimal risk while the property is unoccupied and get tenants in as soon as possible.
Unoccupied property insurance is costly because it is a specialized form of insurance. The Internet offers many tools to insure that a property owner gets the best price and maximum cover in a quick turnaround time. Individuals seeking more information or who would like to receive a quote on unoccupied property insurance can click on the links found on this website.