Buildings Insurance for an empty property?

shazbig

Having problems finding a company that insure an empty property, does anyone know of one please?

thanks

Shaz

mattymoo

If the property has only recently become unoccupied then it is normally best to approach the previous insurers and ask them to continue to cover the property.

Terms will be applied. Normally they will insist on all services (elec, gas, water) being disconnected and heating systems drained down. The letter box will also need to be sealed (to stop the free papers and junk mail piling up).

Cover may also be restricted to fire, aircraft, explosion cover only.

If this is a property you have just acquired then you will be better off speaking to a broker. Empty properties suffer a high proportion of losses from petty damage, squatters etc. Insurers are unwilling to take them on in isolation. If you have a large property portfolio then insurers will take on the poor risk and hope to make the money from the good (occupied) risks.

If it is a one off property then perhaps speak to your own insurers and see if they will offer cover on the second empty property as an add on to your existing policy. Again, expect them to apply terms.

Finally, if the property is empty with a view to being demolished and the site being redeveloped, you can insurer it for "debris removal costs" only. In other words, if it burnt down, you would not wish to rebuild. You just want the site clearing.