Why do I need cover?
As a deputy, your responsibility is to act in the best interests of your client and safeguard their property when they are unable to do so themselves. Unoccupied buildings insurance is essential for covering various situations that can arise when a property is vacant for over 30 days, such as when a client enters long-term care or after their passing.
A typical insurance policy does not necessarily provide adequate cover for vacant homes and some insurers may refuse to cover a property left unoccupied for 30 consecutive days or more.
What does it cover?
The policy covers fire, theft and damage. The policy provides indemnity to repair or reinstate the property, including any contents you may be responsible for, up to a limit of £1,000,000 (the property’s market value may be different from the reinstatement value for insurance purposes).
Please contact us for further helps on cases involving:
- Any property which is not residential;
- Any property where the total building rebuild value (including all contents) is in excess of £1,000,000;
- Any property which is in a non-standard condition (i.e. any property that is derelict; undergoing refurbishment; or that is not weather-tight);
- Any property that is listed or the subject of a preservation order.
Do I need to visit?
An initial internal and external inspection must be conducted within 45-days of the property cover with a requirement of monthly inspections after 90-days of cover. Any defects identified must be logged and should be remedied at the earliest opportunity.
Premises should be confirmed as secure with any combustible waste removed from the property (items of no value to the estate are defined as combustible material). Vacant properties should have the gas and water turned off at the mains, with water drained down from the system.
Finders can arrange initial and regular inspections which will be documented and held in accordance with our insurer’s requirements.
How much?
Finders offer a competitive rate that can be paid monthly or yearly.
Risk Management Steps
Empty buildings can give rise to claims from various sources and thieves look for easy pickings. All doors and windows should be securely locked and we would recommend locks should be changed if possible. Sealing letterboxes can prevent would-be arsonists. Neighbours can be requested to keep an eye on the property and let them know who to call in the event of an incident.
If thieves do break-in, they could attempt to remove the copper piping, having little regard for the resultant water escape, or worse still, gas. You should have all water supplies turned off at the mains and the system drained down. During winter months, there is an increasing incidence of burst pipes, so a drain down would greatly reduce burst pipes.
All gas supplies should also be turned off at the mains and pipes purged of existing gas.
Arsonists or thieves attempting to cover their tracks may look to set fire to the property, so all unnecessary combustible waste materials that you are legally entitled to remove should be safely removed as soon as practicable.
Unless you are maintaining a fire/intruder alarm system, it is wise for all electrical supplies to be turned off at the mains to reduce the risk of an electrical fire starting. You may wish to reinstate the electrical supply temporarily for the purposes of periodic checks of the property or other visits to the property.
Aviva Insurances
