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The ownership of an empty property brings unique challenges, especially in the realm of insurance. For those who own such properties, whether scrutinising their insurance policy or navigating the complexities of an insurance claim, a deep understanding of the specific issues related to unoccupied properties is vital.
In the UK, standard home insurance policies typically cover an unoccupied house for a period ranging from 30 to 60 days. However, this time frame can differ from one policy to another, making it crucial for homeowners to verify the details of their policies to ensure their property is sufficiently protected
Vacant properties are prone to a variety of risks. Neglecting regular upkeep can result in issues such as water damage or malfunctioning heating systems. Furthermore, these unoccupied spaces can become targets for criminal activities, thereby elevating the risk of damage.
Empty buildings pose significant dangers, including the potential for structural decay and a higher chance of illegal occupation by squatters. These risks are often more pronounced in commercial properties and can have severe implications for insurance coverage.
When a property remains vacant for an extended period, obtaining specialist insurance for unoccupied properties becomes essential. This is because standard home insurance policies may not provide adequate coverage, leaving property owners exposed to risk.
Insuring a property that remains vacant is generally costlier due to the increased risk factors. However, property owners can take steps to mitigate these risks, such as ensuring the property is well-secured and regularly inspected, which can help in lowering insurance premiums.
Securing insurance for an unoccupied house is indeed feasible. Insurance companies offer specialized policies designed to cater to the unique needs of vacant properties.
For insurance purposes, a property is usually considered unoccupied if it has been vacant for more than 30 to 60 days. However, this definition can vary between different insurance providers, so it's important for property owners to get clarification from their specific insurer.
Dealing with insurance matters related to unoccupied properties, or processing an insurance claim, can be intricate and demanding. Engaging a professional loss assessor like Oakleafe offers significant advantages to property owners. They provide specialized guidance throughout the claim process, ensuring property owners are treated fairly by insurance companies and helping to diminish both the risks and the stresses involved.
If you have been declined while trying to claim on your domestic or commercial insurance, we can help. We can also help with professional services, for example, Brokers, VAR Valuations and Managing Agents.
