A guide to insuring an unoccupied home, building or vacant property

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Unoccupied building insurance can very hard to source; the reason for this is because there are very few insurers that cover this type of risk.

 

Insurers see that an empty property has a higher risk of fire, theft and malicious damage. Coupled with this is the fact that the damage may not be discovered for some time (until the next inspection by the insured or their representative) therefore increasing the possible damage claim to the property, for example, consider the damage which could occur to an unoccupied property which suffers from escape of water from a leaking tap which has been leaking for month.

 

So what types of cover are available for unoccupied buildings cover?

 

Basically there are two levels of cover to choose from an insurer. The basic level will cover Fire, Lightening, Explosion and Aircraft claims (you may sometimes get earthquake and subsidence cover included as well) 

Normally this basic cover is offered to properties undergoing renovations. It should really only be offered as a last resort as the chances of a lightening or earthquake claim are remote!

Alternatively you can obtain cover which can include the basic cover and also include accidental damage to fixed glass, escape of water, theft or attempted theft & even malicious damage to the unoccupied property.

This cover is more in line with conventional home