Can’t get insurance after tenant left & now need unoccupied insurance?
The current state of the economy in the UK has created market turbulence; in the property market. With the grip on the economy steadily tightening, pressures have been increasing commercial property owners and their tenants too. For the tenant, their overheads are increasing. Their rent, rates, wholesale prices are further compounding the problems which are feeding down to the consumer. For the Property Owner/Landlord, their mortgages rates are increasing, along with their own personal costs which their Commercial Property rental income helped fund. You, me, the consumer ends up paying more. Sooner or later, everyone is squeezed. Everyone is paying more. Then, not to mention the base rate. We’re all it seems keeping an eye on the Bank of England. Will they? Won’t they? Inflation is driving much or our economic problems and an inevitable base rate increase seems an obvious next step required to curb inflation. When this market, consumer and economic behaviour is noticed, the next thing we all notice, is boarded up micro-businesses along the high street. Indeed, go to any UK high street today and you will seem shutter after shutter, during business hours; not up either! Now, firmly and securely bolted shut. Maybe for years this has been the case. It’s hard to even imagine a UK High Street is small town which is vibrant, working and full of shoppers. Now, and for some time, unoccupied insurance is on the increase!
A whole generation doesn’t even know what retail is, in reality. Their shopping reality is the virtual kind. The result is empty shops, empty office and unoccupied commercial property. These properties can be difficult to insure. Some insurers don’t want them if they have been empty for while and no prospect of re-let on the horizon. This is when you have to look for longer-term unoccupied insurance.
Cover is normally granted on the basis that the intent is to re-let eventually. No insurers wants to insure a building that will fall into disrepair and become a magnet for anti-social behaviour. This is something to consider if you do get cover. Give yourself a timetable for re-let and try and stick to it. Insurers can pull cover quickly, so the quicker repairs and decoration can be carried out the better. This is difficult in the current climate, so therefore best you check with insurers at the onset to see how likely insurers are to keep cover for at least the medium term.
What can you do to impress upon insurers for unoccupied insurance?
- Demonstrate your intent to re-let
- Ensure the property is marketed
- Take photos of the property in good condition
- Show insurers the maintenance schedule in place
- Install good security such as CCTV or Alarm
If you can demonstrate some the above, you will in turn being showing the insurer you are proactive in your risk management. This will in turn, result in lower premium, better terms and hopefully more money in your pocket. Remember most unoccupied insurance will give you the bare minimum of cover. However, with the right attitude and your ability to demonstrate this, insurers might even give you normally excluded perils under unoccupied insurance.
What cover can you normally expect under unoccupied insurance?
- Fire
- Lightning
- Explosion
- Earthquake
What cover might be on offer for unoccupied insurance with extra risk management by the customer?
- Subsidence
- Impact
- Escape of water (with conditions)
Unoccupied insurance is on the rise, in line with the number of empty buildings. Don’t take our word for, the ever popular Money Saving Expert highlights some important point also which you can view here. Whatever your needs, we specialise in this. Give us a call on 0800 085 3761 to discuss your unoccupied insurance needs.
Why choose the Property Insurance Centre
Independent advice by approachable staff online or by phone
Access to a wide range of insurers to source suitable insurance cover for your needs
Bespoke Insurance Schemes & Portfolio Policies available
We can tailor your policy to suit your exact needs to give you complete peace of mind
Competitive Premiums
Cover available for the buildings while the property is being converted, renovated or extended
Over 40 years experience working with the best insurers in the UK
Excellent communication so that you understand what risks you are insured against
Why choose the Property Insurance Centre
Independent broker with staff you can speak to by phone or online
Access to a wide range of insurers to source suitable insurance cover for your needs
Bespoke Insurance Schemes & Portfolio Policies available
We can tailor your policy to suit your exact needs to give you complete peace of mind
Competitive Premiums
Cover available for the buildings while the property is being converted, renovated or extended
Over 40 years experience working with the best insurers in the UK
Excellent communication so that you understand what risks you are insured against
Why choose the Property Insurance Centre
Independent broker with staff you can speak to by phone or online
Access to a wide range of insurers to source suitable insurance cover for your needs
Bespoke Insurance Schemes & Portfolio Policies available
We can tailor your policy to suit your exact needs to give you complete peace of mind
Competitive Premiums
Cover available for the buildings while the property is being converted, renovated or extended
Over 40 years experience working with the best insurers in the UK
Excellent communication so that you understand what risks you are insured against
Specialists in Commercial & Residential Insurance
We have over 40 years experience as Residential and Commercial Insurance Brokers. We find the right policy to suit your needs and understand the risks that a property owner can face in the course of ownership. We work closely with our Insurers to get the best rates and our experience and excellent relationships with them mean that we can provide cover for even the most difficult to place risks.
Whether you have an adverse claims history, a high value property or a large portfolio of properties, we can source suitable cover for you. Whatever your requirements, we can tailor a specialist property insurance policy to suit your exact needs and provide you with a range of quotes to choose from. Established in 1976, we are not a call centre but a specialist insurance broker with a traditional office mentality, where the client comes first.
Looking for a quote now? Give us a call on 0800 085 3761 or complete one of our quote request forms.
We are also authorised and regulated by the Financial Conduct Authority and you can view our registration here.
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Robert Fisher is a company director of the Property Insurance Centre, who specialise in Business and Property Insurance, serving clients throughout the United Kingdom. His expertise and career in insurance spans almost twenty years.
Robert’s background is in Building Surveying, which he studied at Heriot-Watt University, where he was awarded a BSc (Hons) degree. Much of his educational background is in Building Structural Safety from an engineering perspective.
The knowledge that Robert gained at undergraduate level has lent itself well, particularly as it has enabled him to evaluate the risks associated with certain buildings. This means he knows how best to place these risks and ultimately insure the properties against such risks.
His in-depth knowledge of various methods of construction has enabled him to easily identify which insurer’s underwriting criteria would best fit each client’s needs and provide the correct levels of cover.
Additionally, Robert is responsible for training the team and ensuring that they are always kept up to date with the latest industry developments. This is an area that he is naturally drawn to because of his inquisitive mind, diligence and passion for passing on knowledge to others.
He is a member of the Chartered Insurance Institute (CII) and qualified to Level 3 with the CII.
As part of the Level 3 certification, Robert has undertaken modules in Insurance, Legal & Regulatory (IF1), Insurance Claims Handling (IF4) and Insurance Household Products (IF6).
As a condition of CII membership, Robert continues his professional development by keeping abreast of the latest industry developments.
