Empty Property Insurance

If a tenants business fails or a tenant losses their job, the keys will be handed back to the landlord. As a result, properties become unoccupied, often without notice. Empty properties can attract the unwanted attention of thieves, arsonists or squatters, the current financial climate is leading to a rise in the number of empty properties being vandalised and robbed of fixtures and fittings.

Thieves will remove anything of value: electric cable, copper gas pipe, lead and many other things costing £1000’s to replace. In many cases empty properties become subject to specific policy conditions, which can include the need for regular inspection or additional security.

Landlords should not ignore their property even when empty by keeping a documented record of inspections of property you can often avoid any problems should a claim arise. Regular inspection of any empty property can identify any problem before they start to become expensive.

Properties become empty for many reasons it could be between tenants or waiting to be re let. In which case your existing landlords insurance policy may not be adequate to cover the period the property is empty. For insurance purposes, landlords the level of Empty Property Insurance also known as Unoccupied Property Insurance should cover the full reinstatement cost of the property, including architects, professional fees and the removal of debris from the site.

The value of empty house insurance to landlords with property standing empty cannot be overstated. The sensible landlord, therefore, will continue to protect against the risk of loss or damage to the empty property. Empty house insurance can provide comprehensive level of cover and can often be extend to such risks as theft, malicious damage and vandalism. With a little forward planning, landlords and managing agents can avoid potential problems exacerbated by today’s unprecedented financial turmoil. Peacock Insurance tailors Empty Property Insurance for landlords renovating property or has residential or commercial property that is between lets. Call our Landlords Insurance property line to obtain a quote.

We have access to low cost specialist empty property Insurance schemes available to landlords and home owners with unoccupied properties. We also arrange 3 months polices on both residential and commercial properties.