Dealing with a property after a loved one passes away can be an emotional and challenging process. During probate it’s common for properties to remain vacant for several months or longer, and whilst pending new ownership they face various risks.
Unoccupied property insurance offers peace of mind by providing cover against a range of risks that could otherwise result in financial loss for the estate. Securing the right insurance cover is crucial, and Alexander Swan have the expertise to guide you through insuring unoccupied property. Here we answer our most frequently asked questions about insurance for properties in probate.
Why are unoccupied properties in probate a higher risk to insurers?
When a property becomes vacant, it’s more at risk to theft, vandalism, squatters and damage from unforeseen incidents such as burst pipes or fire. Insurers consider unoccupied homes to be a higher risk because without normal occupation, small issues can quickly escalate into significant problems. For example, a water leak that would typically be noticed in an occupied property might go unnoticed in an empty house leading to extensive water damage. Likewise, unoccupied homes can attract trespassers or squatters, potentially resulting in costly repairs.
What are the limitations of standard home insurance during probate?
Many people assume that a standard home insurance policy will continue to provide full cover if a property is left vacant. Most standard home insurance policies however only offer full cover when a property is occupied. If a home remains unoccupied for longer than a specified period, typically 60 days (although this varies between insurers), cover may become invalid.
Executors must understand that without appropriate insurance, they could be left financially responsible for any damage or loss that occurs during this period.
How soon should I arrange unoccupied property insurance for a property in probate?
As an executor or estate administrator, you’ll need to arrange unoccupied property insurance as soon as possible to protect the home during the probate process. Alexander Swan have the expertise to make this process simple and can help you find the best cover tailored to your specific circumstances.
How much does unoccupied property insurance cost?
The cost of unoccupied property insurance varies depending on several factors such as a property’s location, condition, security measures in place and the level of cover required. While it is likely to be more expensive than standard home insurance due to the increased risk of unoccupancy, it is a necessary expense to protect the estate’s assets and provide peace of mind to all involved.
What else should I consider if responsible for an occupied property?
You should always read the terms and conditions of the insurance cover you take out as many policies require certain measures to be in place for unoccupied properties. This usually includes securing windows and ensuring the property has a working alarm system. Meeting these requirements can help reduce the risk of theft or damage. Insurers may also insist that the property is checked regularly. Keeping a record of these visits can also be helpful if you need to make a claim.
If the property is left vacant during colder months, consider leaving the heating on low to prevent pipes from freezing and bursting.
What does unoccupied property insurance cover?
Unoccupied property insurance is designed specifically to cover the risks that come with leaving a property vacant. For properties in probate, unoccupied insurance provides comprehensive cover for:
- Protecting the property from potential damage due to fire, break-in or vandalism.
- Issues such as burst pipes, leaks and flooding. Unoccupied property insurance can cover the costs of repairs if these incidents occur.
- Protecting the estate from potential legal claims if someone is injured on the property while it is vacant.
Alexander Swan has the expertise to guide you through insuring unoccupied property
If you are managing a property in probate and need advice on unoccupied property insurance, our experienced team of property insurance specialists are here to help. Having arranged insurance for hundreds of properties, we can guide you through the process and provide specialist insurance solutions to best protect your property until it finds its new owner.
You can find out more about all of our home insurance solutions or speak to one of our experienced advisors today on 0800 458 0082.
