Unravelling the Troubles of Unoccupied Building Insurance

Owning or managing a property can be a rewarding investment, whether for personal use, rental income, or future resale. However, what happens when a property remains unoccupied for an extended period? Unoccupied buildings are often subject to unique risks and challenges, making the need for specialised insurance coverage crucial. In this blog, we’ll explore the troubles associated with unoccupied building insurance, shedding light on the risks involved and the solution we recommend to save hassle in the long run.

The Risks of Unoccupied Buildings: Unoccupied buildings face a range of risks that distinguish them from occupied properties. These risks include:

1. Vandalism and Theft: Unoccupied buildings are more vulnerable to vandalism and theft, as the absence of occupants can attract unwanted attention from intruders.
2. Property Deterioration: Lack of regular maintenance and temperature control can lead to property deterioration, causing issues like mold, water damage, and structural problems.
3. Liability Concerns: Unattended properties can become hazards, leading to potential liability issues if someone is injured on the premises.
4. Fire and Other Hazards: Without regular monitoring, unoccupied buildings are at a higher risk of fire outbreaks or other hazards going unnoticed for extended periods.

Understanding Unoccupied Building Insurance: Unoccupied building insurance is specifically designed to address the unique risks that vacant properties face. While coverage varies by provider and policy, here are some common elements that insurers may include:

1. Property Damage: This covers damages to the building itself, such as fire, vandalism, theft, and weather-related damage. Insurers may require regular property checks to ensure the property remains adequately maintained.
2. Liability Coverage: Liability coverage protects you in case someone gets injured on your unoccupied property. This is especially important if the property is accessible to the public.
3. Legal Expenses: Some policies cover legal expenses that may arise from disputes or liability claims related to the unoccupied property.
4. Emergency Repairs: Coverage for emergency repairs can be included to prevent further damage in case of sudden incidents like a burst pipe or roof leak.

Unoccupied building insurance is a vital safeguard against the unique risks that vacant properties face. From property damage to liability concerns, unoccupied buildings require specialised coverage to mitigate potential financial losses. This is why we have partnered with Sona Insurance Solutions who are working with us to provide coverage for unnocupied buildings with guardians in-situ. These unique circumstances mitigate a number of potential insurance risks that are sometimes not considered by other insurance providers.  By working with us, Sona can insure your vacant property with Insurers who understand how guardianship significantly reduces the risks encountered by empty properties.

To find out more, please contact Global.guardians@sonainsurance.com or call 01206 694911 and mention Global Guardians.