Why do I need unoccupied property insurance?

If you are a landlord and own a vacant building you need to ensure that the property is adequately protected by the right type of property insurance. Standard landlords insurance or property insurance usually only covers a property if it is left vacant for no more than 14 days, or 30 days. To ensure that your property is not at risk it is essential that you invest in a suitable unoccupied property insurance policy.

If you contact your current landlords insurance provider they may be able to change the cover to unoccupied property insurance. This restricted insurance is often known as FLEE cover, as it only offers basic protection for Fire, Lightening, Earthquake and Explosion.

FLEE cover is not the only type of unoccupied property insurance available, some insurers will also be willing to include extra cover for an additional cost. You might want to consider adding protection against theft and vandalism to your standard FLEE cover. When you apply for the insurance, the underwriter should visit to assess the property.

One of the most dangerous things to do is to assume that your vacant property does not require any form of insurance. There are always threats and risks to a property, no matter whether it is vacant or occupied.

The cost of unoccupied property insurance differs just as standard buildings insurance does, and it will be influenced by many factors, including:
• Period of time that the property has been vacant
• The address of the property
• What security measures are in place e.g. burglar alarm system
• Your insurance claim history
• The type of building and its construction e.g. listed building, flat roof etc.

Most unoccupied property insurance policies require the property owner to adhere to a number of conditions such as
• Inspecting the property on a regular basis
• Installing secure locks on all windows and doors
• Turning off water at the mains.

These are just some examples of common factors and conditions, if you want to know about a specific unoccupied property insurance policy you should read the policy terms closely or contact your insurer.

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