A vacant property usually poses a significantly increased risk to the insurance company.
Insurers may still offer cover but may want:
- An increased premium, or
- An increased excess, or
- Reduce the cover they would otherwise normally provide, or
- A combination of all three options
In return they will usually require that the premises is at least:
- Regularly inspected
- Boarded up, and
- The services turned off
It is critical for the Policyholder to clearly understand what is required of them when a property is unoccupied, as ignoring these terms may lead to a claim not being paid.