If you believe that you have no need for the cheapest unoccupied property insurance because you do not need such cover at all, then a few minutes of reflection might be advisable.
What is unoccupied property insurance?
You may be surprised to learn that landlords insurance typically becomes invalid if your property stands unoccupied for more than 30 consecutive days.
You might be even more surprised to learn that this same condition also typically applies to conventional owner-occupier home buildings and contents insurance.
What that means is that, after 30 days without occupation, you may face the choice of either allowing your property to stand uninsured or taking out a form or bridging insurance typically called ‘unoccupied property insurance’.
How likely is it?
Each individual landlords insurance policyholder must decide that for his or herself, however, it may be more likely than you would imagine. For example:
- an unexpected delay in between lettings;
- redecoration or refurbishment of your property that overruns;
- a property under probate;
- a property that is empty pending resolution of a divorce settlement;
- your property is empty until you return from an overseas business trip but you are unexpectedly delayed.
There may be many other such potential circumstances, which could result in your property standing unoccupied for more than the 30 days mentioned above.
The cheapest unoccupied property insurance
The providers of landlords insurance may typically be willing to offer unoccupied property insurance but it might be wise to avoid focusing initially on price to the exclusion of other considerations.
The single most important aspect of your buy to let insurance is typically the cover it provides and the financial protection that comes with that.
Although the imperatives of saving money are ever-present, it is still typically advisable to concentrate on trying to ensure that your landlords insurance in total, including unoccupied property cover, offers you a range of benefits that are suitable for your individual situation.
Inevitably, what is cheap for someone else may prove to be unsuitable and therefore not cheap, for you.
So while the search for the cheapest unoccupied property insurance may be understandable, the above factors should be kept in mind at all times.