Home Insurance for an Empty Property: What You Need to Know

Key Features of Empty Property Insurance

It is essential to protect your property when empty and unoccupied insurance policies offer protection against varied damages. These insurance plans offer several benefits to a policyholder. The key features of an empty property instance include:

1. Discounted Premiums: Because there is a lower chance of occupancy-related claims, you can be eligible for cheaper premiums when compared to normal home insurance.
2. Coverage for Particular Hazards: Insurance for empty properties frequently covers particular risks including theft, water damage, and vandalism.
3. Building and Contents Coverage: Like regular home insurance, empty property insurance can protect your possessions as well as the structure of your house.

What Does Empty Property Insurance Cover?

Unoccupied property insurance is designed to cover the house structure and its contents when vacant. However, it's essential to consider that unoccupied home insurance policies may have specific limitations or exclusions. Here are the risks covered under an empty property insurance coverage.

• Fire and smoke damage: This type of insurance plan offers protection against all types of fire and smoke damage when a property is empty.
• Vandalism and theft: Like with regular house insurance, damage from theft and vandalism is also covered by vacant property insurance. But you should remember theft through unforced entry is not covered under these types of insurance plans.
• Water Damage: Damage caused to property due to burst pipes, flooding, stormy rains, etc is also covered under unoccupied property insurance plans.
• Storm damage: Storm damages caused by hail storms, wind, etc are also considered under the empty property insurance.
• Natural disasters: The empty property insurance also offers protection against natural disasters such as earthquakes and landslides

How Much Empty Property Insurance Cost?

Generally, unoccupied property insurance costs more as compared to standard home insurance as vacant properties are more prone to damage. The following are some of the variables that affect the actual cost of empty property insurance:

1. Property Value: The cost of empty property insurance is determined by the market value of a property. The more expensive the property is, the more it costs for insurance.
2. Cover Level: The insurance cost also depends on the protection level you have applied for.
3. The Cover Period: Your empty property insurance cost will also depend on the length of coverage. The longer the insurance period, the more it costs.
4. Property Location: Your chances of having to file a claim are higher if your property is located in a high-crime or flood-prone location.