Insurance providers will factor this increased risk into their vacant home insurance policies in different ways. Some will charge higher premiums, some will substantially lower the amount of cover that is offered and some may refuse to offer a policy.
There are many ways in which an individual can make insurance companies more likely to provide affordable and effective vacant house cover for what is after all an asset of substantial value to the customer. These strategies are known as ‘risk management’ and include actions such as:
- Reinforcing doors and windows and installing new locks and bolts.
- Making sure that the vacant property is still fitted with a working burglar alarm.
- Products such as intermittent light timers (devices that turn the lights in the property on and off at regular intervals) can make the property look like its being lived in and deter burglars and vandals.
- Asking neighbours or friends to check the outside of the property for signs of damage.
- Sealing up letter boxes and cat flaps.
- Turning off the central heating.
When looking at home insurance quotes, it is important that you find out about the extent of the cover the vacant home insurance provides so that you do not return to find damage to the property that you are not insured for.