unoccupied property site

It’s your private client’s greatest asset, but also one that’s at the biggest risk. We’re talking about unoccupied properties, of which there are many across the length and breadth of the country standing empty, still waiting for work to begin again.

The Covid-19 lockdown left many in the renovation sector in limbo. When the property market was effectively suspended at the end of March, more than 300,000 deals were put on hold and newly agreed sales dropped by 90 percent, according to the property portal Zoopla. 

But, while the property market is slowly coming back to life after lockdown, there are still a myriad of renovation projects that have been temporarily mothballed or put on hold until the sector fully recovers. 

For our Brokers, the uncertainty among their clients about the continuing status of these unoccupied renovation sites has led to questions about short - and long - term insurance provisions for their renovation works to ensure they meet their legal obligations and liabilities.

If a property is unoccupied for longer than the term covered under a household policy, the level of cover on that policy will reduce automatically. A tailored policy may then become essential. 

Staying Safe, Staying Legal

An unoccupied property could be a client’s holiday or second home where they were about to start work but can’t because of the restrictions, a house in probate, or one which has completed on sale but moving dates are still to be agreed. 

Whatever its status, an unoccupied property is one that’s deemed at risk – to the elements, to nature and external forces that threaten to damage its structure. 

In anticipation of the market reviving, we strongly encourage our Brokers to gain the very latest updates on their clients’ Renovation projects. 

A Client’s Responsibilities

There are certain responsibilities those involved with a renovation project must comply with to ensure that their insurance policy remains valid whilst the property is unoccupied. And there’s a duty to comply when the project is back up and running too. Speaking to your clients directly, will help you understand how you can best help them do this.  

We are working with a number of Brokers to help them insure their client’s unoccupied properties with our Renovation Unoccupied product. Premiums are very competitive and the policy can cover buildings up to £5,000,000 (higher with excess layers) and contents up to £500,000.

We have also developed a series of detailed FAQ articles and videos for our Brokers network  to alert them to the risks of unoccupied properties and the possible pitfalls affecting their clients’ policies. Just follow the links below to access the dedicated online resource. And remember that our team of underwriters are available to talk to Brokers personally regarding any questions or challenges faced in this current landscape. Just let us know.

 

Categories: Renovation Unoccupied

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