Despite unoccupied commercial property insurance being difficult to obtain from many insurance companies – nevertheless it’s crucial to have for any landlord with a vacant or unoccupied property.
Do you own a commercial property that is unoccupied? Maybe it isn’t all of the time, but you find there may be spells where it is. Empty buildings fall into a variety of categories which makes it an unattractive insurance to insurer’s underwriters.
Some are classed as domestic homes – those on the market waiting to be sold, while others are for office use or retail purposes. The varying categories mean this insurance has become specialised hence why it can be difficult to obtain. It’s surprising how little insurance companies deal in this particular policy because they are just not willing to take the risk.
Nevertheless it’s vital that any landlord who has an unoccupied property has it. Here are three reasons why, and the benefits certain policies guarantee;
The Increased Chance Of Theft
If you own an unoccupied property the chances of theft are much greater. It will be seen as a much easier target but can be just as detrimental – especially if you have any contents or possessions in the property.
Potential For Malicious Damage
Often the worst case scenario would be to experience malicious damage to the property. Again due to its vacancy this makes it a more obvious target to people around, opportunists or those with intent.
The Threat Of Burst Pipes
If there is no heating installed this could increase the chances of a burst pipe. Or say the property has had the heating off for some time while vacant the damage is likely to be much worse, and could even decrease the value on a property valuation. “These are the risks that put so many insurance companies off offering this insurance – the irony being that these are exactly the reasons why you need a policy that covers these.” states property buying expert Adam Osborne, from Property Cash Buyers.
Make sure you find a provider who is willing to cater for these risks, once you do here are the benefits you can expect:
- Excellent low cost premiums
- Bespoke unoccupied schemes
- Extension, Renovation & conversions covered
- Low payments with value-added policies
- Low monthly instalments available
- Specialist advice to ensure you get the right policy
Be sure to educate yourself on the need for this insurance, its benefits and the tailored and bespoke policies available to you. That way you can add on individual policies and schemes to create a totally unique overall policy that caters to your exact needs and circumstances!