May 29, 2023

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Expert Arts Folks

Why Do So Few Companies Offer Unoccupied Property Insurance?

3 min read
Why Do So Few Companies Offer Unoccupied Property Insurance?

Unoccupied property insurance is notoriously difficult to find. Very few insurance providers feel comfortable offering insurance for unoccupied buildings. Find out why this insurance is such a headache for insurance companies and learn where to find the best unoccupied property insurance for your empty building.

Why are Insurance Companies Nervous about Unoccupied Property Insurance?

So why are insurance companies so nervous about this type of insurance? Well actually, insurance companies are unwilling to provide unoccupied property insurance for the very reasons that it is so important to get cover for your vacant home.

Vacant homes are extremely vulnerable to all sorts of problems which makes them tricky to insure. Meanwhile, their vulnerability of unoccupied properties is the precise reason that they ought to be insured. Here are some of the top reasons why vacant property insurance is hard to come by:

• Vacant properties are often left unchecked for long periods
By their very nature, empty properties are unlikely to be checked on regularly. Of course, you may be different, but the reasons that mean you are forced to leave a property empty usually mean that you will not be checking in on it too often. Insurance companies are aware of this and it generally makes them less likely to offer unoccupied property insurance as they have no real gauge on how well looked after your property will be. To provide accurate unoccupied insurance, companies need to really understand each individual property, its location and the level of care you will provide it with.

• Empty homes are vulnerable to vandals and squatters
Vandals, thieves and squatters are a big problem for vacant properties. They can create serious damage and rack up huge costs in empty premises. Of course the likelihood of your property attracting vandals and squatters is dependent on the location of the building and insurers will need to invest a lot of time and effort investigating this to provide you with an accurate unoccupied property insurance quote.

• Unoccupied premises are more likely to develop leaks and electrical faults
Since you’re unlikely to regularly check over your vacant property it is more likely to develop problems which go unchecked. The longer an issue such as a leak or an electrical fault goes unfixed, the worse it will get, the more damage will do and the more expensive it will be to repair.

These are the top three reasons that sourcing unoccupied insurance can be difficult. Of course there are a number of other factors, but the route of most difficulties can be traced back to these three issues.

“So Where can I Find Unoccupied Property Insurance?”
If you are looking to get your vacant property insured you will usually need to look for a specialist provider. These specialists have the understanding and knowledge needed to give you the most accurate and realistic quote possible to protect your building. It is also a very good idea to track down a provider who knows exactly what they are talking about. Unoccupied property insurance can be a complicated business, so you’ll need someone who can explain the factors involved clearly, to ensure you get the best deal and the right fit.

There are many unoccupied property insurance providers online, but this can sometimes be risky, especially if you do not know much about the company. The internet is a fantastic resource for tracking down unoccupied property insurance, but you need to exercise a little caution. Find out a little about your potential provider and make sure you speak to online companies in person before signing up with them.

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