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Top tips on getting cheaper empty property insurance

Top tips on getting cheaper empty property insurance


If you are already looking for cheaper unoccupied property insurance, then you are probably fully aware why such cover is important.

So, let’s move straight on to some practical tips you might find useful in your search.

Consider the exact status of your property

Broadly speaking, landlord insurance providers regard the terms “empty property” and “unoccupied property” to typically mean the same thing.

However, if by “empty” you mean that your property is gutted and under major building renovation, then there may be specific and more appropriate and cost-effective insurance available for you. It’s sometimes called “renovation insurance”.

Put the question of price on the back burner

Given the title of this article, that might seem counter-intuitive. However, simply looking at the headline price of cover at the very outset, without focusing on what it does and does not provide, can be deeply misleading.

To put it bluntly, what is cheap for another person might not end up being so for you if it doesn’t provide the cover you might need in a given situation. It is therefore important to focus initially on what cover a policy actually provides.

It might save you money in the medium to longer term.

Think twice about FLEA-only cover quotations

The term FLEA typically stands for Fire, Lightning, Explosion and Aircraft. In a few instances, the “E” might be stated to mean “Earthquake”, so you’d need to read the policy’s precise definition.

Some landlord insurance policies providing unoccupied property cover, only offer protection for the above peril categories. There are, of course, a significant number of risks that do not come under the categories of FLEA. Be cautious with policies of this type because other protection levels might incur additional cost once you try to add them in.

If possible, put your contents into secure storage

If your property is going to stand unoccupied for some considerable period of time, you may be able to find cheaper cover if you are not asking your insurance to cover your contents. Remember that properties that are unoccupied may be at significantly higher risk of burglary and vandalism than those which have occupants.

Look for policy discount options

You may find that landlord insurance offering additional unoccupied property cover may well bring with it extra conditions you will need to comply with when your property is empty. However, some may also offer the chance to reduce your premium by taking steps such as:

  • opting for a higher level of voluntary excess (the amount you agree to pay towards the cost of a future claim);
  • taking additional security precautions such as installing alarms;
  • reducing the level of your total contents cover if you’ve removed some of your higher value items while the property’s unoccupied;

Speak to a specialist

Landlord insurance in general and the unoccupied property insurance that may sometimes be required as part of it, is an area that some providers are more expert in than others.

If you’re looking for suitable cover and at a cost-effective price, it might be advisable to consult one such rather than to simply start talking to lots of more generalist insurance providers.