Unoccupied property insurance

Yazmina

I've agreed a sale on an inherited house, but as I don't live there and the mail redirection has expired, I missed the letters about renewing the buildings insurance.  The company won't insure me as I am not old enough for them.  I've been online and I can see that my options are very limited when it comes to insuring an empty property.  Do I need to just pick someone I've never heard of from one of the comparison sites, or is there a way of finding a more well know company to take this on?

I've been directed to the BIBA website, but again that's just picking from a list of unknowns.  

user1977

Not sure the comparison sites will be much use, you might want to use a broker.

DullGreyGuy

You are more in broker territory... you may not have heard of them but you may have heard of the insurers that they propose to place the business with (but there are a fair few coverholders writing this kind of business).

Be aware that unoccupied home insurance will require you to take certain actions after the property has been empty for a certain period... eg they may require the water to be turned off and drained down after 3 months and the letterbox blocked after 6 months etc

_Penny_Dreadful

I have unoccupied insurance which I got through a broker. I can PM you their details if you like. There are conditions attached to the insurance such as someone having to inspect it weekly and I need to keep it heated to a minimum of 15 deg C at all times. 

user1977

_Penny_Dreadful said:

I need to keep it heated to a minimum of 15 deg C at all times. 

Blimey! My own flat doesn't always manage that, and I live there...

Yazmina

_Penny_Dreadful said:

I have unoccupied insurance which I got through a broker. I can PM you their details if you like. There are conditions attached to the insurance such as someone having to inspect it weekly and I need to keep it heated to a minimum of 15 deg C at all times. 

That'd be helpful, thanks.

_Penny_Dreadful

user1977 said:

_Penny_Dreadful said:

I need to keep it heated to a minimum of 15 deg C at all times. 

Blimey! My own flat doesn't always manage that, and I live there...

The alternative option is to turn off the water supply at the internal stopcock where the water enters the Home and all water tanks and pipes to the domestic water installation, washing machines or dishwashers are drained.

_Penny_Dreadful

Yazmina said:

_Penny_Dreadful said:

I have unoccupied insurance which I got through a broker. I can PM you their details if you like. There are conditions attached to the insurance such as someone having to inspect it weekly and I need to keep it heated to a minimum of 15 deg C at all times. 

That'd be helpful, thanks.

I have sent you a PM.

Yazmina

I've got four quotes so far, ranging from £294 - £1300.  The risk of water/oil escaping from an appliance seems to be the biggest risk.  As mentioned above, the most expensive quote asks for either the water to be turned off at the stopcock (£1000 excess) or the thermostat temp to be maintained at a minimum of 15*c (£2500 excess).  The insurer is Royal Sun Alliance via Towergate brokers.

The cheapest quote doesn't have any stipulations as to whether the water is connected or not, and only asks for £250 excess for the risk of water/oil leakage.  The policy is underwritten by Royal Sun Alliance via Uinsure brokers.

Can anyone explain the difference in what I can expect to get? 

propertyrental

Strange that Royal Sun are offering two such differently priced policies with such different requirements.

I would
a) ask the respective brokers for explanations, but also
b) get copies of each policy, read them carefully, ad see what differences there are in the cover, and in the conditions and/or exclusions. eg you may find one excludes malicious damage or breaking in or whatever.

DullGreyGuy

propertyrental said:

Strange that Royal Sun are offering two such differently priced policies with such different requirements.

Towegate at least used to be a coverholder and so whilst RSA provides the capacity and does set boundaries the actual terms and pricing are set by Towergate Underwriting not RSA

Many large insurers operate a wide spectrum of policies with different terms and pricing for different market segments and quality levels and that's before you consider any delegated authorities they may have given.