Unoccupied property insurance – things to consider when researching the market
It can be tricky to find the right cover for unoccupied properties, due to the extra risks they can present. It can be especially difficult for solicitors and executors, as they often need insurance on behalf of someone else, or for a property that they do not own. As such, after nearly two decades of experience in the insurance market, our parent company, Vasek Insurance, identified a niche in the market which Unoccupied Direct fills.
How does our insurance make things easier for private client solicitors?
So, why do solicitors choose our company when arranging insurance for their clients? When an unoccupied property has become empty due to the owner moving into care, back in with family members, or during probate, the homeowner is not always the person incepting the policy. This can present complications, such as in the event of a claim, when the homeowner might not necessarily have the capacity to arrange things on their own. Similarly, an executor or solicitor may not have all the details, with limited knowledge of the property and its history.
Our product is easy to use for all persons – clients can insure their own homes when moving into care or back in with family members. Solicitors and executors will also find it simple to use, with just four key pieces of information needed about the property going onto cover:
- Approximate year of construction
- Number of bedrooms
- Type of property (closest match)
Key features of our product and the services we provide:
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- Relevant learning and development opportunities
- News, articles and LawSkills’ services
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- No inspections required, even during the winter
- No excess
- Credit accounts for use by solicitors – meaning the property can be covered immediately, and payment made later
- 3, 6, 9 and 12 month cover options available, and pro-rata returns on all 9 and 12 month policies in case anything changes, such as if the property goes on to be sold or let sooner than expected
- Guaranteed to accept any UK residential property onto cover, up to seven bedrooms
- £1,000,000 Buildings cover and £10,000 Contents cover provided as standard, to help avoid underinsurance
- Our in-house team is available to help with any queries via telephone, email and LiveChat
In addition to the points above, you can find more details of the cover on our Insurance Product Information Document (IPID), and further information in our policy wording. We provide cover for all of the most common claims on unoccupied properties, such as escape of water, theft and malicious damage. This means the unoccupied property is covered for appropriate risks, and not just FLEA cover (fire, lightning, earthquake, explosion, aircraft), which is often provided as standard for many home insurance policies, and much less common!
Unoccupied Direct is a trading name of Unoccupied Direct Limited, who are authorised and regulated by the Financial Conduct Authority under Firm Reference Number 797627 Registered in England and Wales. Reg No. 10621712. Registered address: 4 Old Park Lane, London, United Kingdom, W1K 1QW.
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