Unoccupied Property Insurance
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Commercial Property Insurance York
Most standard buildings insurance policies are very specific about how long you will be covered while the building is unoccupied and if you are likely to exceed that limit it is a very sensible precaution to take out cover which specifically covers you for longer periods. Unoccupied property insurance covers a whole host of eventualities, from a residential property where the owner or tenant works away from home to a commercial property currently not in use.
It is quite understandable that insurance companies are not prepared to cover properties left empty for long periods because it is then that damage can occur from water ingress or even fire. Some companies will provide unoccupied property insurance at a lower rate if the property is regularly inspected but if as the owner you have to pay for someone to do this, as opposed to doing the inspection yourself, the cost of employing a third party might far exceed any savings you might make on the policy. It does of course mean that the building is less likely to need attention, so there are still benefits to having a caretaker, but reduction in policy price is not the main one.
Unoccupied property insurance is quite a considerable risk for the insurer, so the price can be a lot more than an ordinary policy would be. However, it is a false economy to try to get by without this special cover as if damage did occur which in the opinion of the loss adjuster would not have happened had the building been occupied you could find your cover is null and void and if the sum concerned is large you could also find yourself being investigated for attempting to defraud. Essentially, it is not worth the risk on any level to try to do without unoccupied building insurance.
The length of time allowed on a normal buildings policy is quite generous and would certainly cover the average holiday. The number of days unoccupied are consecutive not cumulative so you don’t need to worry if you are planning four two week holidays in one year and your limit for having the property unoccupied is six weeks because that refers to one episode at a time, not in the year insured. Even so, if you do tend to take a lot of longish holidays, it might be a good idea to check with your insurer who may recommend that you do change to a policy which has provision for unoccupied property insurance cover.
You may have the need for unoccupied property insurance for less than a whole year; if this is the case, most companies will adjust your policy with a commensurate saving in the payments when your property becomes occupied again. It is generally just a matter of a phone call, but it is probably a good idea to make sure that the occupation will be permanent because most companies charge a fee for alterations to policies.
As well as being one of the Uk’s foremost providers of Commercial Property Insurance York, we are conveniently located off Junction 31 of the M62. This means we are able to visit your Commercial Property in York for site surveys, to asset with claims, and to gain a full understanding about the construction and use of the property.
Our location also means we have a continually updated local knowledge of the York Commercial Property Insurance market, enabling our team of Commercial Property Insurance Brokers to get you the right cover at the right price.
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Cover can be Tailored to include:
- Loss of rent
- Alternative accommodation
- Employers’ liability
- Legal expenses
- Contract works
- Fly tipping
- Property owners liability