What People Dont Know About Unoccupied Property Insurance And Empty House Insurance.
There are varied views around what constitutes an unoccupied home against a vacanthome or empty house and often people are unaware of their obligations with respect to unoccupied property insurance or empty house insurance when planning to be away. With such different views, it's vital that the only view you take is the one that is listed within your home insurance policy documentation. This is where your current insurer will clearly state what restrictions apply to the policy with respect to the unoccupied property insurance or the empty house insurance terms and conditions.
Many home insurance companies will require notification if your property is to be unoccupied for longer than 60 days and in some cases just 30 days. If you do not notify your insurance company then you may find that your standard home insurance policy has been invalidated which could lead to major exposure of your assets whilst you are away.
There are a number of valid reasons as to why the insured home would be unoccupied or empty for a period of time. Please note the below example list is not exhaustive:
Probate process, house sale or occupation
Undertaking major home renovation works
It is not your primary place of residence
You are away from home through hospitalisation or through extended travel
Whatever the reason for vacation of the home, it's important that you ensure that your current home insurance policy covers the duration of your time away. In many cases this won't be the case and you may need to seek special endorsements for temporary cover or periods away from the property if longer term or more regular in frequency. In most cases it's wise to seek guidance from a company offering unoccupied property insurance or empty house insurance.
While you are away from home, your home is deemed more at risk. This is because the property is not maintained to the same level as if you were living in it, so a burst pipe from extreme temperatures, common during a typical British winter, can cause devastating damage to the property. Equally, being away from home increases the risk of burglary, vandalism and squatters. Over even a short period of time, the damage that can be caused from any of these factors can be substantial. Do however check what type of unoccupied property insurance or empty house insurance you are buying As the cover will typically vary depending on the length and nature of the unoccupancy. For example, if the property is unoccupied for more than 6 months, or if it is up for sale, then cover will normally be restricted to only the major insurance perils - Fire, Lightning, Explosion, Earthquake and Aircraft. This 'FLEEA' cover is of course crucial against these perils but it will not cover you for other risks such as theft, accidental damage or escape of water.
So if you are planning to be away from your home for longer than 30 days then it's worth reviewing what your policy restrictions are and what additional cover you will need to bridge any gap that may exist. Not checking this could lead to a situation whereby if you need to make a claim you could find that your current home insurance is inadequate or that you are in breach of your policy terms and conditions. So do you have unoccupied property insurance or empty house insurance? Check this out today, it only takes 5 minutes.
by: Christopher Smith