empty house insurance

When your home is vacated for whatever reason, it’s important that you have the correct buildings insurance.

Conventional buildings insurance will not cover an empty house, so it is vital that you cancel your ordinary policy and replace it with vacant property insurance/vacant property insurance.

There are several levels of coverage you can choose for your vacant home, the most common being FLEEA.

This policy would include:

• Fire

• Lightening

• Burst

• Earthquake

• Aircraft collision

Of course, the legal responsibilities of the owner would also be included as standard.

You will notice that this basic insurance does not include flood or subsidence, as many believe that if your property is not at risk of flooding in general, then there is no need to pay for it, and it is also unlikely that your vacant house will suddenly sink. during this short insurance period and therefore also an unnecessary cost.

The medium coverage level would include flood coverage and the Comprehensive coverage level would also include subsidence.

For peace of mind, some people may choose comprehensive coverage levels, especially if the property will be empty for some time. These policies would normally be 9 or 12 month policies.

FLEEA coverage would be recommended for short-term vacancy insurance, perhaps while a property is being sold or decorated/updated. Short-term insurance would be 3 or 6 month policies.

Vacant home insurance has tiered costs that match the level of coverage you choose and the term of the insurance. FLEEA with a very short term of 3 months, will have the lowest premiums. Comprehensive coverage with a duration of 12 months will have the highest premiums, but sometimes this will be necessary, depending on the circumstances of each vacant house.

You may need empty house insurance due to:

• Waiting for a sale to complete

• renovation works

• Redecoration and update.

• Probate

• While you decide what to do with a vacant/vacant property for which you have become responsible.

During the reform works, the empty home insurance would be more personalized and would be drawn up individually depending on the works that were carried out. Any demolition work, for example, will have certain criteria established by the insurer that will be applied on an individual basis, once the insurer has reviewed a complete work schedule (if a work schedule is available, it is best to submit it with a request for demolition). quote, as this could lower your premium by showing the insurer exactly what will happen to the property).

If the renewal is low risk, this will be reflected in the premium you will have to pay.