If you leave your home empty for an extended period, you may not be covered by standard homeowners insurance. This is where unoccupied homeowners insurance can play a role. This type of insurance will shield your property when you are not residing within it, such as during building work, prior to a sale, or while living elsewhere.
But how much will it cost? And what is it that causes the cost to increase or decrease?
Typical Cost of Empty Home Insurance
The premiums on such insurance policies can range between £200 to £600 annually. Yet this can fluctuate greatly, according to your property and how long it has been left vacant.
Some insurers also offer short-term coverage, such as 3 months and 6 months, which could prove more affordable.
To arrive at a fair price, you should request a quote on the basis of your property information.
What Affects the Cost of Cover?
A number of factors might affect how much you pay for vacant home insurance:
1. Location of the Property
Home locations within high crime regions or regions that experience flooding can affect your home insurance premiums.
2. Value of the Property
Typically, higher-priced homes tend to increase insurance premiums because such homes could cost more to repair.
3. How Long the Property is Empty
The longer your home is unattended, the more likely you are to experience break-ins, leaks, and more. Home insurers can increase premiums if your home is left unattended for more than 30 days.
4. Security Features
The presence of alarm systems, quality locks, and CCTV cameras can reduce the premium amount. The insurers are pleased to see homes secured.
5. Type of Cover You Choose
Basic cover will only cover the building. Comprehensive cover will cover both building and contents. The more you cover, the higher you pay.
6. The Reason Why the Home is Empty
If you are making serious construction work, or maybe you are selling your home, this could impact your premiums. Some reasons involve more danger, and this is where insurers change premiums.
How to Reduce Savings on Unoccupied Home Insurance
- Add extra security – Good locks, alarm systems, and security cameras can minimize break-ins.
- Look for leaks and damage frequently – Some insurers may require this, and you may get a better deal if you do.
- Select a correct duration of cover – If you require only 3 months’ cover, avoid paying annually.
- Compare quotes – The premiums charged by insurers can differ significantly.
Do I Really Need Unoccupied Home Insurance?
If your home is left vacant for more than 30 days, your standard homeowners insurance policy might not cover any damage to your home, theft, or accidents. That is where unoccupied home insurance comes into play.
You can learn more about homeowners insurance and get recommendations on what type of cover you should buy.
Home insurance when you’re not at home can’t necessarily be termed inexpensive, but you could well end up paying more if you don’t take out this type of insurance.
To find more assistance, such as a free quote, on unoccupied property insurance options, please visit this link to learn more about home insurance.
