Unoccupied House Insurance
Unoccupied house insurance comparison with multiquotetime
Unoccupied house insurance is a speciality type of policy that protects the homeowner’s investment in a residential house or flat that is generally not their main residence and is not occupied by tenants or guests on a permanent or temporary basis. We can also provide second home or holiday home insurance which is different to unoccupied house insurance.
Unoccupied house insurance is taken out for several good reasons. The term unoccupied is different from the many insurance companies that offer this type of cover. The typical definition is a residential house or flat that will have no overnight guests or tenants for a period of 30 days or more. For some companies this period of time being unoccupied reaches to 40 days before it is required.
The typical reasons to use this speciality insurance for a house that is unoccupied include the following;
A typical homeowners policy is designed to protect the main residence of a person or family from damage and theft. When the home is unoccupied for more than 30 days, the lack of people around on a regular basis will be noticed by others which is considered an increase in risk to the insurance company. Because of the increase in risk, most insurance companies increase the premium to double the cost than of a typical homeowners policy for the same property.
For the most part, unoccupied house insurance covers the same items that a standard homeowners policy does, but generally at a higher rate due to the increased risk. If you are insuring an empty house most policies will include the following:
One way to help reduce the risk of owning an unoccupied house is to check on it at least once a month. This can be accomplished by the homeowner or a caretaker. The caretaker can be a neighbour or someone who is hired to help look after the property.
Whoever checks on the house, they should inspect the house. This inspection can include turning on the heater and or air condition to help keep them in working condition. They should also check the water and gas supply lines for leaks along with the items connected to them to make sure they are still in proper working order. It is advisable to have the water and gas lines drained which is the safest path to preventing damage.
Even when there is no evidence of tampering to window locks and doors, they should all be checked. If one is found unlocked or open it has to be made secure. What should be noted is that if there is a break-in and there is no evidence of forced entry, any claim for theft or damage will be denied.
A timer connected to a light that comes on in the evening is a good fake way to show the house is occupied when it is not. A vehicle in the driveway is another good deterrent.
If you are into smart home gadgets, Alexa has a skill that will switch on lights if it hears sounds during the middle of the night.
Unoccupied house insurance is a way to protect your investment when you are not around for an extended period of time. This financial protection is advisable and mandatory if you have a mortgage on the property.