Will your house insurance cost more if your property is empty? What do you need to tell insurers about your unoccupied home? And how can you get the best value quote for unoccupied home insurance?
Unoccupied properties have some unique risks that occupied homes just don’t have. Things like no one being home to keep an eye out for those pesky gremlins like water leaks, fires, break-ins and damage. Your insurer has to consider all of this when providing you with cover that’s there when it matters most.
So what exactly influences your premium? Here’s what you need to know to leave your home vacant, not vulnerable…
Knowing the Risks of Unoccupied Properties
Unoccupied property insurance exists for a reason – it’s a different type of cover from regular house insurance, since there’s no one living in your property on a permanent basis. This opens up your property to quite a few different risks. Risks like…
- Vandalism and theft when your home is left empty
- Undetected issues like fires and leaks, causing havoc that might go unnoticed for a few days or weeks
- Unwanted visitors who won’t leave, commonly known as squatters!
Each of these risks, unique to unoccupied properties, means extra cost to make sure your insurer can cover you if any of these things happen. But a fortress is only as strong as its defenses, and you can protect your empty home by better understanding the factors your insurer considers. So, what are they?
Key Factors Influencing Insurance Costs
When you’re looking for the best possible deal on your unoccupied property insurance, your insurer needs to know some important details. Getting an accurate answer about these things ensures you get the right coverage for your property.
Factors that affect premiums usually include:
- Location: If your property is in an area associated with higher risks of things like crime, flooding, etc.
- Type: The type of property and its build, such as age and construction.
- Unoccupied Time: How long will your property be unoccupied, as longer periods of vacancy typically lead to higher costs.
- Coverage: The extent of coverage you’re looking for, such as contents or buildings cover.
- Security: Security measures you’ve got in place, like CCTV, regular inspections or maintenance.
What Does Unoccupied Insurance Cover?
When you get unoccupied insurance, there’s no magic spell to get it right. But you can personalise it to cover exactly what you want covered. While some things are standard, other protection comes as an extra or option. You can cover:
Buildings
The cost of repairing, replacing or rebuilding your home up to an agreed sum.
Contents
Covers the cost of repairing or replacing the contents of your home.
Damage
Accidental damage to buildings and/or the contents of your property.
Accidents
Accidents that happen to domestic staff – covering your liability for bodily injury to your domestic staff, such as nannies, cleaners and, in some cases, gardeners.
Public liability
Your liability as a private individual and as owner or occupier of the home for the bodily injury or damage done to another person or property while in your home.
Loss or Damage
Loss or damage caused by fire, lightning, explosion and aircraft only which is commonly known as Level 1 cover. You can extend your cover to Level 2 or Level 3 which will include Perils such as Theft, Storm, Subsidence amongst others.
To make sure you get the cover you’re looking for, talk to your insurer about your requirements to get a deal bespoke to you, at the best price possible.
What’s the Difference Between Unoccupied Insurance Vs Standard Home Insurance?
So if you’re leaving your home unoccupied, what protection can you get? Well, the right type of insurance can make all the difference. If you already have standard home insurance in place, it’s essential to let your insurer know, so you don’t accidentally lose your coverage and pay the price if anything should happen to your property while it’s empty.
Standard home insurance has time limits on how long a property can be vacant and still be covered (typically, that’s 30-60 days). After this time period, your coverage may be reduced or even voided.
The right policy can be the perfect magic wand of protection, though. Unoccupied insurance is designed for longer periods of vacancy, so you get continuous, specialised coverage that is there for you when you need it. Standard insurance can’t do this, as it may exclude certain risks common to vacant properties, such as vandalism or theft of fixtures, whereas unoccupied policies are designed to cover these too!
The main differences in costs between the two are:
- Unoccupied insurance premiums are generally higher due to the increased risks associated with vacant properties.
- Standard policies are priced for occupied properties, where risks are considered lower.
- Unoccupied insurance is specialised to address specific risks.
Tips for Reducing Insurance Costs
So now that you know what costs go into your insurance, and how to get the cover you really want, how can you reduce your premium?
Talking to your insurance provider is the first stop to make sure you’re getting the best deal, as they can get a clear picture of your situation and property so that your quote is pinpoint accurate.
If you’re looking for ways to cut down that price even more, you can try:
- Installing security systems like CCTV to keep an eye on things while you’re gone.
- Schedule regular property checks to pick up on any problems.
- Maintain the property to prevent damage, paying particular attention to water pipes and electrical systems.
- If it’s right for you, consider increasing the excess to reduce your overall premium.
Going Away? Then Make Sure Your Unoccupied House Is Covered!
Knowing the risks and factors that affect the cost of your unoccupied property insurance lets you make the most informed decisions about your property and get the type of insurance that will keep your property protected while you’re away.
Not sure where to start? Learn more about unoccupied property insurance and get a personalised quote from one of the Orwell team today.
