Most homeowners have buildings and contents insurance; however, ordinary house insurance policies do not cover you if your home is empty for an extended length of time. For that, you'll need empty property insurance in the UK.
Last year, hundreds of thousands of homes in England were left empty for six months or more. The number of abandoned properties climbed by 5.3 per cent between 2017 and 2018, according to data issued by the Ministry of Housing, Communities and Local Government. According to the most recent estimates, there are more than 216,000 empty properties in England.
What is the definition of "Unoccupied"?
Let's start with the basics: when is a house considered unoccupied?
A property that has been uninhabited for a period of time is classified as unoccupied in empty property insurance terms. If no one lives there, the house is still considered empty, even if it is completely furnished and includes personal stuff inside.
Insurance companies will allow a home to stay uninhabited for a certain amount of time while remaining fully insured. When that period of time expires, your house empty property insurance coverage will either disappear or be drastically reduced.
A vacant property is not the same as an unoccupied one. A vacant home is fully empty and lacks both people and personal belongings, whereas a homeowner may return to an uninhabited home and find everything they need to carry on with daily life.
Is it Possible to Leave a House Unoccupied Permanently?
Varying insurance providers will have different restrictions about how long a home can be left unoccupied before the coverage specifics change. Depending on the provider, this could take anywhere from 30 to 45 days. However, because every policy is different, you should always read the fine print to be sure.
Once that time has passed, you will almost certainly need to purchase unoccupied home insurance to cover your property and its contents.
What is the Benefit of Having Vacant Home insurance?
There are a variety of reasons why you might need to insure your home and goods while it is empty. It's possible that you inherited the property from a family member or that your renters have left, and you've decided to sell it.
You may also require vacant home insurance for the following reasons:
- You're on a long vacation or visiting family in another country;
- you've moved into a new home but are still waiting to sell your old one;
- You've had to relocate since your home is undergoing substantial renovations.
- You must relocate to an assisted living facility because you must travel for work.
What to Do If Your House Isn't In Use
There are a variety of reasons why a property may become vacant. Whatever the case may be, the type of coverage required for your insurance will vary as a result. After 30 days, most insurers will decrease your coverage to FLEE (a basic form of insurance limited to coverage against Fire, Lightning, Earthquake, and Explosion), but if this is a long-term situation, there are other choices to consider.
When a Residence is uninhabited, How will Insurance It?
When your home is empty for an extended length of time, it may be tempting not to notify your insurance carrier. How are they going to find out, after all? Isn't it true that you might say someone lived there even if it wasn't the case?
However, this is a very dangerous option to make.
Insurance firms use a variety of sophisticated methods to assess a scenario before paying a claim. They will refuse to pay out if they discover you lied about the house being occupied. Worse, they may decide to file a lawsuit against you, which might result in potentially significant consequences.
We specialise in locating unoccupied home insurance that is perfect for you and your home at UK Insurance Net in the United Kingdom. To get a quotation right now, contact our team for empty property insurance direct lines so they can help you with expert advice.
Published by john Miller