How to Reduce House Insurance on an Empty Property

Recent government figures indicate that there are 341,419 properties in Great Britain that have been empty for at least six months. These places have officially been categorised as ‘long-term vacant’.

With this information widely shared, the importance of insuring and protecting your empty property is essential in preventing damage and further cost of repairs from such damage. There are a number of reasons why a property may be left empty, such as:

  • Recently moved house and you haven’t sold the previous property yet
  • Recently bought a house and are not ready to move in yet
  • You’re away travelling for a long period of time
  • This is a holiday home that you visit infrequently
  • You’re away having long-term medical care
  • The building is in need of repairs before habitation
  • You rent your property out and are between tenancies

With these events proving to be more common than you think, house insurance on your empty property seems like the only logical solution, right? But why is empty property house insurance a lot higher than regular home insurance?

What is House Insurance for an Empty Property?

Unoccupied house insurance is a type of insurance that is required for a home that has been left vacant for longer than your standard home policy will allow. House insurance for an empty property is much more expensive than regular home insurance as unoccupied buildings come with higher risks and a need for protection. If it is clear that a building is vacant, there’s also an increase in the risk of theft, squatters, vandalism, structural damage and the delay in response to these if no one is instantly aware. This is why most people feel that unoccupied house insurance is the only solution, ultimately costing them a significant amount of money. However, there are alternative solutions that can offer you more than what empty property house insurance can provide.

What does Unoccupied House Insurance not Cover?

There are a few possible reasons for your insurance provider to deny a payout. If there has been an unforced entry into the property such as a burglary due to unlocked windows or doors then your insurance company have the right to refuse coverage. In addition to this, another reason could be if your building is under renovation or construction and there is structural damage to the property. In this case, your contractor is likely liable for any damage they may have caused and should have their own insurance to cover such incidents.

How to Reduce Empty Property House Insurance with our Guardian Scheme

Whilst house insurance for your empty property might sound like the only viable option right now, our Guardian scheme offers 24-hour protection against squatters, vandalism and anti-social behaviour. The best part? You will also be providing key workers and socially responsible, young professionals with an affordable place to live. Sounds like a win-win right? And that’s not all, as a landlord you can significantly reduce business rates and the costs that come with a vacant property.

Our guardians find a lovely place to live and what’s our part in this? We offer property maintenance, needed repairs and free-range to our Guardians to turn these derelict properties into a wonderful place to live. Every new guardian will also complete an extensive vetting process, including; background checks, DBS, employment and landlord references, and are each personally met by a member of the LOWE team. Unlike a tenancy, our property guardian scheme is a short-term convenient solution for both parties. It is a cost-effective method of securing your empty property whilst also drastically reducing the insurance premiums and business rates that you may be faced with.

How to Keep your Empty Property Safe

At The LOWE Group, we offer bespoke vacant property security services to handle the security and protection needs of your empty property. Depending on the requirements, we can provide on-site security operatives who stay overnight in the property in adapted residential quarters to ensure 24-hour security and around-the-clock response (if required). This includes risk analysis, property protection, monitored surveillance, management and reporting. In addition to our guardians who live in and take care of the property, we also provide manned guarding services for the ultimate protection and prevention against crime.

If you’re looking for an alternative option, then our key holding, alarm and response service may be what you need. Our robust wireless alarm systems can be installed without affecting the fabric of the building and on a short-term basis if required. Whatever your specific needs are, we are here to help ensure the safety of your property.

Reduce House Insurance on your Empty Property with LOWE

When you choose vacant property management services with LOWE, we can save you over £100,000 per year with our property guardians. Our service provides a number of benefits including but not limited to:

  • Cost-saving security and protection
  • Care and maintenance, including fit-outs all covered by LOWE
  • An assigned account manager
  • Creating social impact and helping the local community
  • Affordable housing for young professionals
  • Flexible arrangements

If you’re the owner of a vacant property and are looking to reduce the cost of house insurance, please get in contact with us today – the team at LOWE are always happy to help.

Start saving money today with The LOWE Group!