Unoccupied Property Insurance

What is unoccupied property insurance?

An unoccupied property is often classed as being without a tenant for more than 30 days. This includes properties that have been inherited, holiday homes, vacated homes that are up for sale, vacated homes that are being renovated and homes that are left unoccupied whilst the owners are away on business or an extended holiday. When looking for unoccupied property insurance you should make sure it covers natural damage, escape of water and oil, theft or attempted theft, vandalism, legal expenses and public liability insurance. These additions will give you peace of mind and allow you to lock up and leave your home.

If your property is unoccupied, you will need to notify your insurer and arrange specific cover. Providers consider an unoccupied home a higher risk as there’s a greater chance of damage, break in and vandalism due to no one being there to alert and spot any issues.

How much is unoccupied property insurance?

On average, the cost to insure a property that is unoccupied for 31-60 days is £150. The precise cost can be lower or higher depending on certain factors such as;

  • Property location – if there’s a high crime rate or the area has a high chance of flooding, the likelihood is your policy price will go up
  • Property maintenance – ensuring that your home is well insulated and taken care of will reduce the possibility of issues such as burst pipes
  • Property value – expensive homes can mean more costly repairs which will be reflected in the price
  • Property security – many people choose to add extra locks and video surveillance to keep their property secure

Things to consider

  • Install extra security
    By installing extra security measures you can lower your premiums.
  • Second home insurance
    If you take out home insurance on your second home make sure you tell your provider that it isn’t your main residence. If you don’t, you might be going against the terms and conditions set out in your policy.
  • What isn’t included
    If you leave doors and windows open and a thief gains access to your property this will void your policy. Some insurers won’t cover the property during major building works. Similarly, many insurers won’t cover damage made by contractors, contractors should always have their own insurance.

Unoccupied property insurance

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