Insurance Info

Although vacant properties attract undue attention from thieves and vandalism the vacant property insurance policy is much lower than a normal home insurance policy. This is because most insurance companies find vacant property rife with possibilities of theft, fire, floods etc. Similarly a storm could burst the pipes causing water to flood in the vacant house.

With vacant property insurance your vacant property is insured against such contingencies. However before you sign the policy papers you should check that vandalism is mentioned in it. If at all it is not, then including it could raise the cost of the insurance premium.

Although the competition among insurance companies is huge, there are very few that offer vacant property insurance policies. This is one reason why premiums for the policy are high; however there are a few tips that will help reduce the cost.

* You should check with atleast 3 other insurance companies and get quotes regarding the premium you will need to pay. This is essential since every insurance company is not the same, getting the best by shopping around will help you choose the one with lesser premium. Continue reading ‘Vacant Property Insurance – Tips to Reduce the Premium Payment’ »

Sometimes a property can become vacant or empty and generally its ordinary insurance in the UK does not cover that period. For such periods one must purchase a vacant property insurance.

The reasons why the property gets vacant may vary. The property might be in a process of building and developing in order to sell it for profit, the owners might be moving to another house and selling the old one, occupants may be temporarily out of the house because of renovation or extension works or the property might be bought as a holiday or a vacation home. All these reasons determine periods of different length in which the property stays vacant.

Generally UK insurance companies offer insurance policies for such vacant properties that are located in the UK. Offering policies for properties located abroad is much more difficult as these types of insurances are often connected with an initial inspection of the property’s conditions. Insurance for vacant properties located outside of the UK is easier to get from the respective country office of an international insurance company or a local insurance company in the country where the property is located.

Vacant properties often require special insurance arrangements. Usually these are properties that will be vacant for some time and then become inhabited again. For this amount of time is needed the special insurance for unoccupied properties. The main difference with ordinary property insurance is within the cover clauses. For the cover to be effective and valid in the case of a vacant property usually some actions are required from the owner. Continue reading ‘Things You Should Know About Vacant Property Insurance in the UK’ »