Unoccupied Commercial Property Insurance
Unoccupied commercial property insurance covers insurance for vacant property and property undergoing renovations. An unoccupied commercial property policy is often more difficult to arrange compared to a standard commercial property insurance policy.
Many insurers are reluctant to provide cover for vacant properties, and as a result, premiums can often be significantly higher in comparison to a premises that is occupied. While cover may appear to be relatively easy to obtain, in reality, when you check the small print, you may find that the cover is restrictive. The same applies when a property moves from occupied to unoccupied; while the existing insurer may give a short period of full cover, they could quickly restrict this.
Seek professional advice and guidance on how to protect your assets correctly, this is where we can help.
What is Unoccupied Commercial Property Insurance
Unoccupied commercial property insurance, also known as vacant commercial property insurance, provides cover for commercial properties that are unoccupied for an extended period. Commercial properties can include office buildings, retail spaces, warehouses, and other non-residential structures.
Why is it important to have unoccupied property insurance?
A gap between tenants, renovation works, or waiting to sell your rental property?
Unoccupied property insurance can keep you covered against owners’ liability risks – for example, if some old brickwork fell and caused an injury – as well as damage to your empty building, contents, and certain legal expenses and emergencies, like a plumbing issue.
Need insurance for an unoccupied commercial property?
We provide cover for empty shops, offices, studios, and all sorts of business types. Just start a quote and tell us about your property.
Unoccupied commercial property insurance
Unoccupied commercial property insurance provides coverage for vacant properties and those undergoing renovations.
Securing an unoccupied commercial property policy is typically more challenging than obtaining standard commercial property insurance. Recent UK statistics indicate that Manchester has the highest vacancy rates for commercial buildings at 13.6% as of Q2 2024. Insurers often hesitate to cover properties, leading to significantly higher premiums compared to occupied premises.
Although it may seem straightforward to obtain coverage, a closer look at the terms may reveal restrictive conditions. This also applies when a property transitions from occupied to unoccupied; while the current insurer might offer a brief period of full coverage, they can quickly impose limitations. It's essential to seek professional advice on properly protecting your assets, and we are here to assist you.
Frequently Asked Questions
Question: What counts as unoccupied for home insurance?
As insurance companies consider a property to be unoccupied if it's empty for more than 30 days, the level of cover included in empty property insurance usually changes at this cut-off point, with further changes the longer a home is left vacant.
Question: How long can my home stay empty?
Typically, are no specific regulations on how long you can leave your home unoccupied. However, it's important to know that most standard home policies will only provide coverage for an empty property for a duration of 30 to 60 days.
Question: Is insuring an unoccupied property more costly?
Yes, unoccupied property insurance tends to pricier than standard home because insurers consider vacant homes to be a higher risk. The likelihood of break-ins or squatters is greater, and there are additional concerns regarding building maintenance.
Question: What does it mean for a home to be unoccupied?
In other words, vacancy can be described as being “mostly devoid of belongings essential for regular living.” The term unoccupied indicates that the property remains in a condition where all items and possessions are still present, as if the owners might return at any moment.
Question: Is home insurance applicable if the house is unoccupied?
Standard home insurance typically provides coverage for a home that is unoccupied for a maximum of 30 or 60 days, depending on the policy terms. If an incident occurs beyond this timeframe, coverage not apply. This limitation exists due to the increased risk of theft when a property remains empty for an extended duration.
Question: Is it permissible to insure a house that you do not own?
You can buy home insurance for someone else, but the policy must include the legal homeowner's information, even if you are the one paying the premiums. Landlords need to protect the structure of their property with building insurance, while tenants are responsible for insuring their personal belongings.
Question: Is it against the law to not insure a house?
While there is no legal obligation for to have buildings insurance, it's important to understand that if you have a mortgage, your lender may require you to obtain buildings insurance as a condition of the loan.
Question: Is unoccupied home insurance beneficial?
Unoccupied insurance is valuable if you intend to leave your property vacant for a prolonged period. It may come at a higher cost compared to standard home insurance. It can protect your property from damage, be mindful of the exclusions that may apply.
Question: Does home insurance cover the garden?
Most standard home insurance policies provide limited coverage for your garden and its belongings at no additional charge. However, whether you've recently purchased your first pair of gardening gloves or take pride in your outdoor space throughout the year, many of us tend to underestimate the worth of gardens.
Question: Is a kitchen included in buildings or contents insurance?
Building insurance protects against the costs of repairing or rebuilding your home's structure. This coverage extends to windows, walls, roofs, outbuildings, as well fitted kitchens and bathrooms. It safeguards against damages from events such as, storms, and floods.
Do you have a question about unoccupied commercial property insurance? Submit your question here
How our customers rate us
Muito bom, fiquei satisfeito!
Carlos Wilker
2024-11-20
Ricardo Ribeiro
2024-11-11
very happy with the services provided, they help with everything we need and are always available to help us and clarify any doubts, super grateful for the help and work they do to help us get everything done, I love it and I recommend it
Carlos Farinha
2024-10-30
I highly recomend this insurance dealer. I was completely impressed with their professionalism and customer service. 100%...Exceeding my expectation...
UK Sure Customer Services
Related Products
UK Sure Static Caravan insurance provides financial coverage for risks such as theft, fire, flooding, vandalism, and liability claims.
Specifically designed to cover your second property, whether you let it out or not.
Whether you need buildings insurance, contents insurance, or a building and contents policy.