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Unoccupied Property Insurance - Is Your Empty Holiday Home Protected?

If you own a holiday home that is frequently left unoccupied, you may want to check the terms and conditions of your home insurance policy. Many standard policies do not offer cover where the property is left unoccupied for more than 30 days.

One solution is to purchase specialist unoccupied property insurance. This will provide cover for periods when your property is left empty and is often flexible to take into account changing needs and all types of circumstance, from let homes awaiting tenants to houses undergoing extensive renovation works.

Unoccupied home insurance may also be cheaper than you realise. With statistics from independent research body Consumer Intelligence showing average savings on home insurance of around £112 when price comparison sites are used, shopping around is clearly the way forward in finding the best deal. Using the internet to save money in this way is finding large acceptance, with research by financial researchers Defaqto indicating that over eight in 10 people do so. Reasons consumers give include peace of mind and the ability to compare terms and conditions.

With the increase in buy to let properties and renovations, coupled with the changing needs of individuals and families, specialist home insurance is a growing sector. Research by Defaqto shows the number of buildings insurance policies on the market increased over a three year period from 2008 from 226 to 270. This amounts to a 19% increase and is indicative of the growing choice available to consumers. Contents insurance shows a similar trend. The same three year period showed a 15% growth rate with the number of policies increasing from 240 to 276.

When taking out unoccupied property insurance, it is worth considering ways to increase security. Measures such as installing approved burglar alarms and security lighting could result in significantly lower premiums.

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