Buying an Empty Property? · Full Circle Property Academy

Buying an Empty Property?

Most of you will buy a property that's empty, whether it's ready to let or needs some work before tenants move in.

Something worth being aware of is that not all unoccupied property insurance provides the same level of cover.

Some policies offer very basic protection, sometimes limited to fire, lightning, explosion and aircraft damage, which does not give you any real protection!

Depending on the policy, you could be missing cover for: Storm damage, Flood damage or Theft or malicious damage.

When getting quotes, don't just compare the price. Ask whether Full Cover or Enhanced Cover is available.

It might cost a little more, but could make a big difference if something goes wrong.

Also, pay attention to the policy conditions. Some insurers require regular inspections, additional security measures or other precautions whilst the property is empty.

Every insurer is different, so it's important to understand exactly what you're covered for.

The cheapest policy isn't always the best value!

When buying an empty property, do you normally arrange a basic policy or look for wider cover?

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Buying an Empty Property?