Unoccupied Property Insurance

pampanua

there seems to be no competition in the market for unoccupied property insurance, i have one extortionate quote from Towergate for just shy of £500 for the year, all other insurers seem to work on a short term basis where the cover deteriorates the longer the property is empty.
i have an inherited house on the market and i hope it sells quickly but if it doesn't the insurance i can afford will be next to useless in the long term (ie doesn't cover burst pipes or practical matters of that sort after the first 30 days)
can anybody suggest a better way?

dacouch

Unfortunately that is the going rate for an unoccupied property.

Do you not have a relative that could live in the house rent free while you market it, you could then get cover considerably lower

FinAdv

Hi,

Look for someone who needs an accomodation for temporary period and it will bring the insurance down. Moreover, you can charge them minimum rent and earn some money as well!!!

dacouch

FinAdv wrote: »

Hi,

Look for someone who needs an accomodation for temporary period and it will bring the insurance down. Moreover, you can charge them minimum rent and earn some money as well!!!

It's not a good idea to rent the property out to someone you do not 100% trust. This is because they will have rights as tenants eg they can refuse viewings of the house which is obviously a problem if the OP is trying to sell it. They will also have a minimum of 6 months tenancy and you have to physically get them out.

If the client is happy to take the house off the market and rent it for upwards of 6 months then this method is worth considering

FinAdv

Yes of course. I meant someone in the family or friends who can be trusted.