“Safe as houses” the saying goes. But there’s an important qualification you might want to consider if you’re planning on leaving your home or let property unoccupied for longer than a month or so. These practical and financial considerations could leave you with substantial unexpected bills – and might even devalue the market value of your home.
So let’s take a look at some of the hidden things you need to know when you have an empty property – including the remedies that point to the importance of unoccupied property insurance.
Maintenance and repairs
When you’re living there, you’re constantly reminded of the need for any essential repairs and maintenance your home needs. But it’s a different picture when you’re away for any length of time. If essential repairs and maintenance go unnoticed because the property is unoccupied, the cost of eventually putting things right will have escalated of course.
Even small, unattended repair jobs – such as that dripping tap, broken windows, or an overgrown garden – may require costly intervention when you return to your home. All these issues are likely to be made that much worse during the adverse weather of a British winter, when additional problems such as rising damp or frozen water pipes may occur.
If your property is not well-maintained – if it looks neglected or abandoned because you have needed to leave it unoccupied, it could fall in market value or become more difficult to sell or to rent. At the very least prospective buyers might be put off by the extent of renovation required and force you to drop your asking price.
Security and vandalism
Even if you are up to date with the repairs and your home is well-maintained, it is still vulnerable to the unwelcome attention of thieves, vandals, or even squatters while you are away for any extended period.
Making good the actual or attempted break-ins of those intruders can be costly indeed, so you might want to step up the security measures for your home – especially if it is to be left empty for any length of time.
Our blog – Technological solutions for monitoring unoccupied properties – and Guide to Protecting your Property include a look at the range of security measures you might consider for your home or any let property that is left untenanted for longer than a month or so.
Council Tax
The rules on your liability for Council Tax (in England) are somewhat complicated and are determined by the relevant local authority, explains the government website.
Typically, you will have to continue to pay Council Tax even when your home is unoccupied. If your home is empty and unoccupied for longer than a year, councils are authorised to charge a premium rate on top of the regular Council Tax and this premium can be up to 4 times the normal rate if the property has been empty for longer than ten years.
Councils may grant a discount on the rate payable if your home is unoccupied while major repairs or structural work is in progress.
There are also exemptions from the need to pay Council Tax – including, for example, those homes that are unoccupied while subject to probate proceedings.
The importance of insurance
The additional vulnerabilities faced by your home when it is empty for any length of time all point to the importance of insurance (except for the need to pay Council Tax, of course).
That importance is made all the more critical because most insurers will severely limit – or even cancel altogether – the regular building and contents insurance once your home has been unoccupied for longer than 30 to 45 days (the exact interval varying from one insurer to another). Insurers limit the cover available simply because of the additional risks to your home when it is empty.
What that means, of course, is that you will shoulder a considerable financial burden if any theft, loss, or damage occurs while you are away.
To indemnify yourself against that risk, a standalone policy – unoccupied property insurance – is available to restore the protection your property will need when it stands empty. Contact us today to discuss how our empty property insurance can help protect your home against unexpected events.
