How much does unoccupied home insurance cost

In this video, I’ll discuss the cost of unoccupied home insurance, an area we specialise in at Insuristic.

We have developed a range of products for different circumstances, such as:

• insurance for property empty during probate or
• unoccupied home insurance for other reasons, such as when the property:
  • is empty between tenants.
  • is being sold.
  • is empty whilst you’re away travelling.
  • is being renovated.
  • is empty because the owner has gone into care.

So, how much does unoccupied home insurance cost?

But to answer the question ‘How much does unoccupied home insurance cost?’ from an Insuristic perspective.

When recording this video, the average Insuristic customer spent £265, including insurance premium tax, and purchased our silver cover for a 6-month period.

Our customers are never charged a fee to buy or cancel a policy, so this is a true reflection of the cost of unoccupied home insurance with Insuristic.

Firstly, check if the provider you are asking for a quotation charges fees, particularly cancellation fees, which might not be initially apparent.

Cancellation fees can become a hidden cost that you only discover when it’s too late.

We don’t see the need to charge a cancellation fee; it’s just a click of a button for our team. You also get a refund for any unused cover you’ve purchased, so there are no hidden costs.

So, what influences the price your insurance provider charges?

Firstly, the cost will vary depending on providers, the level of cover you buy, and how long you need to insure the property for.

Pricing will higher if you want to insure contents as well as insuring the empty building.

Be careful when purchasing a policy, as many providers only provide basic FLEEA insurance cover, which essentially only covers claims caused by Fire, Lightning, Earthquake, Explosion, and Aircraft.

So, a FLEEA policy doesn’t provide any insurance protection against other common causes of claims such as flood, escape of water, theft or malicious damage.

You might not be comparing providers on a like-for-like basis either, so check before you buy.

If you insure with Insuristic, you can choose our bronze level of cover, which is equivalent to this FLEEA cover, or for greater peace of mind; you can buy our silver or gold cover to include cover for claims caused by flood, escape of water, theft, malicious damage and more. 

You can find out more about the cover we provide on our website, Insuristic.co.uk

However, from an underwriting perspective, several areas influence the price. 

Such as:

Where the property is located, for example, if it is in an area known for flooding or subsidence or if it is in an area with a high crime rate, will influence the cost you pay.

The number of bedrooms the property has or the cost to rebuild the property because the bigger the property, the bigger the claim could be for the insurer. 

If the property is in a good state of repair, you are likely to have more insurance providers interested in providing a quote, which can help you get a competitive price.  

If it is not, the insurance market is expected to reduce for your property as will the level of cover you can buy. 

A property in a good state of repair will be cheaper to insure than the same property that isn’t. 

Some insurance providers might consider other factors, such as whether the property has an alarm, whether there have been claims, or whether you are prepared to pay a higher excess in the event of a claim.

The only way to find out how much unoccupied home insurance is going to cost you is to get a quote.  You can do this on the Insuristic website in a couple of minutes.   

You can insure for three, six, nine or twelve months, and you have three levels of cover to choose from.  If you choose to buy from Insuristic you will also have the support of an in-house claims team when you need it.

I hope this video gives you a sense of how much Unoccupied Home Insurance costs. If you found it helpful, please give us a like, and for more insurance tips, please follow our YouTube channel.

Have a great day.