Every house owner knows that it takes years of financial planning and strategies to buy an independent property. One of the most common dreams of human beings is to buy their own house. After the possession of property, begins the process of beautiful decoration of the house. Unfortunately, the structure of the house gets damaged by Man made or natural disasters. This is because my house insurance policy is made to take care of the same. Some properties are also left occupied for some time due to construction or other things. This is when unoccupied house insurance gets into the picture. Unoccupied property insurance takes care of all your fears regarding property lying empty.
Unoccupied Property Insurance - Definition
When you are away from your house for weeks or days for vacation, the house means empty. It means the house is occupied. During this time the property is vulnerable to fire, theft of flooding, burglary and so on. Whenever you are looking for a buyer for your old house, it stays unoccupied for sometime. This becomes a constant cause of concern for the property owners. Because, there’s no one to check your property. Not even neighbours or any friends. This is because to keep all your worries at Bay, unoccupied house insurance is invented. You can keep your property safe with unoccupied property insurance.
Cost of Unoccupied Property Insurance
Unoccupied Property Insurance can be bought as an additional policy to your existing home insurance policy. The premium for unoccupied property is higher than standard house insurance policy full stop this is because the empty property is at higher risk associated with the owner. When your house is vacant for an extended period, the chances of damage are greater. It carries a risk of structural damage that no one can handle. The cost of damage has to be paid by the insurance. This is by charging a huge premium to reduce the risk factor. If you are away from your property for months and years, discuss it with your insurance organisation to check if they are willing to charge the premium on Pro Rata basis. Also, the premium depends on the level of maintenance, value of property and the size of coverage you require. The higher the level of insurance cover you want, the more will be your premium. You can install security measures like cameras and an alarm system to earn a discount for your unoccupied property insurance coverage.
Contact your insurer immediately, if you want to claim unoccupied property insurance.
