The number might be surprising for you, but there are around 216,000 homes that are unoccupied in the United Kingdom as of 2019. The numbers might even be higher now, considering the statistical increase throughout the years. Apart from these unoccupied houses, there are around 340,000 homes in the UK that are rarely occupied.
Considering these statistics, it is highly probable that you, or someone you know, might have an unoccupied property. It might come to you as a shock, but most insurance companies do not offer coverage to homes with standard home insurance that are unoccupied for over a month. So, how many of these are adequately insured? Let's answer all your questions about unoccupied properties, especially during the pandemic, where there are constant lockdowns for prolonged periods.
As the name itself suggests, any property that is not occupied for a long time is considered to be unoccupied. However, in the insurance terminology, if a property is unoccupied for over a month or a couple of months, it is not covered under the insurance policy. So, generally speaking, any theft, water damage, fire, or malicious damage would not be covered by the insurance company.
There can be several reasons to leave home unoccupied for instance; extensive renovation might be required, you might be looking forward to selling it, or you might simply be out on an extended vacation. Nevertheless, you need an expert brokerage, such as Forum Insurance, handling your coverage and tailoring it for maximum protection.
As mentioned earlier, the property is considered unoccupied when no one is there for around 30-60 days. However, this is not the same as the property that is vacant. A vacant property is where there is no personal property of any sorts. It is an empty place with no furniture or other belongings. An unoccupied property has some personal belongings at it, making it a residence.
Considering the vital difference between the two, insurance companies are more hesitant at offering coverage to vacant properties as compared to unoccupied. The reason is pretty straightforward; you are more likely to take care of a property that has your personal belongings in, as compared to the one that is completely empty. So, if you want insurance for a vacant property, be prepared for higher premiums!
Generally, home insurances do not cover houses that are left unoccupied for over 30 days, but some also offer 60 days. A couple of months without any visitors means that the property attracts more unwanted attention, such as from thieves, squatters, vandals, etc. Therefore, your unoccupied property will considerably be at a higher risk of an unfortunate event.
If you often leave your home unoccupied for a more extended period of time, it would be best if you look for specialist unoccupied home insurance. Here at Forum Insurance, our specialist brokers offer unoccupied home insurance to the clients that last for three, six, nine, or even twelve months! So, you can leave the house unoccupied and still not worry about its coverage!
If your house is unoccupied for whatever reason, it is exposed to some potential threats and risks. However, there are some reasonable steps that you can follow to minimise those potential risks and have some peace of mind. First of all, let us see what those potential risks include.
These were a few potential risks of leaving a house unoccupied for a longer time. However, there are some safety measures that you can take to minimise the risks, and also decrease the insurance premium at the same time. Here are a few of them: