Understanding the insurance implications surrounding empty properties can be a nightmare to pick through. As we all know, most building insurance policies are invalidated if the insurance company is not informed of a change in circumstance (usually within 30 days of a building being unoccupied). When insurance companies are informed, astronomical premium hikes are common. Additionally, when a property becomes unoccupied insurers will usually restrict cover to fire, lighting and explosion only. There is then the fact that unoccupied buildings are at considerable risk of criminal and environmental damage according to insurance companies.
Taking on live-in Guardians simplifies your property insurance – fact. When there are residents in the property, it’s much safer and less of a risk for insurers as there is someone to limit damage from accidents and prevent vandals from striking. In our case, we are partnered with Towergate Insurance, who have sourced a product that takes into account the advantages live-in Guardians provide. The policy compliments the owners’ existing insurance policy, and in many cases can reduce existing premiums by utilising Guardians rather than leaving the property vacant. Want to find out more, click here.