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Unoccupied Property Insurance - Important Facts You Should Know To Insure Your Property

By Edited Nov 13, 2013 0 0

Guide on how to get insurance for an unoccupied property

Insurance focus: learning all about property insurance

In today’s uncertain world, people work for so many reasons such as to buy properties, to save money for the rainy days and to have something to spend when the calming sound of the word vacation crosses their mind.  Surely, no one would want to leave their hard-earned properties unsecured when they are needed to travel or move to other places. In today’s busy world, different types of insurance plans are available in the market to protect your home, businesses, belongings, health, etc.

But what do you do when you have a property that is unoccupied. What type of insurance plan will you buy? In this article you will find the answer to this question and the importance of insuring your unoccupied properties.

Unlike other types of insurance, unoccupied property insurance can be difficult for the reason that some building insurance companies do not grant this type of cover due to greater risk of theft, escape of water; flood and weather damage; electric problems, fire damage,  and vandalism. There are; however, sites found in the vast world of World Wide Web to help you search for insurance plans which offer the maximum rage of cover at a reasonable cost. An example of this is comparethemarket.com, a website where you can shop around for good insurance plans that suite your preferences by filling out one simple form. While enjoying the comfort of your own home, the site helps you find the leading suppliers for unoccupied property insurance in the market within a few minutes thus saving you time and providing a wide range of choices that could save you money as well.

There are many reasons why the house could be unoccupied and property owners need to have unoccupied property insurance. It could be that a new landlord purchased a new building and has not yet found a tenant for that building or the property needs to be renovated before becoming suitable for tenancy thus making the property unoccupied or vacant for a few weeks or maybe a much longer period of time. It could also be that the previous owner have passed away making the property for sale or a new owner of the property plans to move in at a future time. Whatever the reason may be, insurers must be informed by individuals of the status of their property.

To avoid confusions, let me shed light on the difference of the two commonly confused terms: vacant and unoccupied. Vacant means that the house has no or has only quite a few furnishings therefore it is empty and is not occupied by any person. Unoccupied on the other hand means that the house is furnished and in a livable condition although the tenant may not be around for a few days. But of course, different insurance companies have different definitions to these terms so it is important to discuss the terms and policies with your insurance company.   

It is important that you inform your insurance company of your property’s occupancy status to avoid any misunderstanding between you and your insurer. The insurance company may invalidate your policy when there is any fact which may affect their view of risk therefore you have to disclose the fact that your property has become unoccupied for them to decide to further restrict cover or renew the policy. Once a home is unoccupied, most policies exclude theft of content, for that reason you should remove all valuables from your home.  There are however insurers that recommend leaving some of basic furniture if the property is unoccupied for quite a longer period of time. This is so because it is difficult to insure empty properties for unoccupied property insurance. This is also done to make the property appear occupied. When your house is unoccupied, make sure that it is secure.

To avoid damages and theft, make sure that all doors, windows and any other potential entry points are locked or protected. Make sure that you make the property look occupied than empty so you would not be a victim of burglary or vandalism. You can ask your neighbors to park their car in the driveway or your relatives to regularly check the house and move the curtains when they do the check. To avoid fire damages, make sure to switch off anything that is not going to be useful when your house is unoccupied.

It is not easy to obtain unoccupied property insurance, don’t make it any harder. 



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