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  • Insurance

    Insurance

    Hi, does anyone know of a cost effective insurance for an unoccupied property while it is being refurbished prior to being sold on rather than rented out?

    Thanks

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    Ask the contractor to supply contractors risk insurance

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    You should purchase the policy with the intention that it is being renovated to be sold. Contractors all risks will only cover whilst the work is being done - once this is completed and pending sale the insurance will not pick this up.

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    I know Alan Boswell provide insurance for this purpose which I've used, it probably cost me somewhere around the cost of an annual policy for two or three months worth of cover.

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    In a similar position myself. When my property became empty in January  I just rang the Halifax who my Landlords' policy was with and they took extra money off me. About £70 if I recall. They also told me I had to turn off the gas electricity and water and I explained I was working at the property and in winter and needed this stuff. So they kind of said we don't expect you to work in a freezing cold house. I am sure I was expected to do this every evening when I left but I decided not to until I had finished doing what I was doing. I expected this to be at my own risk but I was spending more time there than at home so I felt like it was a manageable risk.  I was redecorating myself and with some paid informal help. Recarpetiing. Dehumidifying and had some doors planed,  a chimney repaired. Had a bulging kitchen ceiling fixed and replastered and a small cupboard skimmed, bath sealed and valve on boiler fixed. So not sure if that counts as refurbishment as such. It involved a variety of workmen. I did not ask about their insurance but as has already been mentioned isn't the onus on contractors to insure their work which I suppose you can ascertain at the outset.

    Why not have a chat with your current insurer or a broker. It is important your insurer knows the property is empty though if it was previously tenanted and you should let them know  this  right away as if anything happened you are probably in breach and would be refused a claim.

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