'we've got you covered'
'we've got you covered'
Unoccupied Property Insurance
Owning an unoccupied building can pose serious liabilities because unoccupied buildings are more susceptible to vandalism, undetected repairs, fire and other losses. If you own unoccupied property, it is advisable to purchase unoccupied property insurance, also known as unoccupied building insurance to protect against risks.
Why unoccupied property insurance?
Under most policies, unoccupied property insurance can provide protection if your building goes unoccupied for 30-days, but bespoke arrangements can be made. You may also be able to choose the length of cover (3, 6, 9 or 12-months) to ensure that you are only paying for what you need. It also protects against liabilities in the event someone is injured on your property and claims damages. It may also be a viable option if the property is in the process of being sold or if it is under construction and is uninhabitable.
What does an unoccupied property policy cover?
Protection Against Damage: Can cover fire, storm, water damage, and other unforeseen events that could harm your property when it is unoccupied.
Security Concerns: Includes protection against theft, vandalism, and break-ins. Many standard policies reduce or cancel cover for these risks when a property is unoccupied.
Liability Cover: Ensures you're protected from third-party claims if someone is injured on your unoccupied property.
Checklist
Protecting unoccupied and vacant buildings
Unoccupied and vacant buildings present several unique exposures, including elevated concerns related to criminal activities, water and fire damage, maintenance issues, and damage to inventory and equipment. Thus, property owners must understand the potential risks their buildings may face, regardless of how long they are empty.
If a building is unoccupied or vacant, it is crucial for its owner to take steps to protect it from risks. A good place to start is by notifying the insurance provider to ensure continuous and adequate cover for the building.
Additionally, wew can provide a checklist which can guide property owners through the key tasks of mitigating the risks their unoccupied or vacant buildings face. It should be referenced to ensure important risk prevention strategies are not missed.
Please ask for a copy of the checklist
Contact us
Telephone: 01829 706436
E-mail: info@portalinsurance.co.uk
insureurtrip is trading name of Portal Broking Group Ltd , a limited company registered in England and Wales number 13943497 at Unit 1 Portal Business Park, Eaton Rd, Tarporley, Cheshire, CW6 9DL.
Portal Broking Group Limited is authorised and regulated by the financial conduct authority number 972761.
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