An un-occupied property presents an increased risk to the Insurer. The Insurer therefore will be unwilling to provide the same cover as they did whilst the property was occupied. Typically the Insurer will reduce the cover (whilst un-occupied) to Fire, Lightning, Explosion & Aircraft and in some cases include also Public/Property Owners Liability and Fire Brigade Charges.
Insurers will also highlight their Un-occupancy Conditions which are restrictive conditions applying whilst a property is un-occupied relating to security of the building, removal of waste, turning off of services (except where required to maintain a burglar alarm) and more. Insurers may also apply a higher policy excess for the period of un-occupancy.
The Insurer may also decline renewal of the policy if the property remains un-occupied at next renewal date. Specialist un-occupied or property owners Insurers take a slightly different approach and some provide a more flexible product, which can be upgraded to full property owners All Risks cover when a tenant is again in situ i.e. without the need to cancel the vacant / un-occupied property policy.
Find out about our vacant property insurance now.