Unoccupied Residential Homes
Please click any of the frequently asked questions below to reveal the answer.
Unoccupied is a policy designed to cover all nature of vacant domestic properties. Some risks can be quoted online without referral to underwriters and for risks that require bespoke underwriting we continue to offer direct access to underwriters to help you find a solution for your client.
Heres 5 good reasons:
Cover - Unoccupied offers 3 levels of cover ranging from basic perils to full cover to suit your client's needs. We offer varying policy terms from 90/180/270 days to annual policies with the flexibility to extend policies if further cover is required.
Flexible Underwriting - Unoccupied can offer a solution for all types of vacant domestic properties whether it be properties up for sale, properties undergoing renovation or vacant properties and/or client's with another 'non standard' element such, but not limited to, subsidence, non standard construction types, convictions or adverse claims history.
Price - We’ve ensured that Unoccupied is competitively priced so that a quote from Plum will not only assist you in retaining existing clients but help you win profitable new business too.
Security - Underwriting capacity is provided by Lloyd's of London, the world’s leading insurance market. For financial strength, Lloyd’s is rated A (Excellent), A+ (Strong) and A+ (strong), by A.M. Best, Fitch Ratings and Standard & Poor's respectively.
Minimum £10,000 for contents and £75,000 for buildings. There are no fixed maximums, these are considered on a case-by-case basis.
Unoccupied is an excess free product so unless we have advised otherwise no excess applies for claims, other than for subsidence which is £1,000.
As vacant properties pose a higher than normal risk of unauthorised entry, our policy wording includes a condition which states a minimum level of security is required and that this security is kept in good working order and put in place whenever the property is left unattended.
We also ask that the property is inspected by the client or a trusted adult at least once every 14 days to mitigate any loss or damage.
We can consider risks with up to £200,000 building works, however for those risks with high value building works we may ask for more information about the type of work ongoing and the contracts that have been signed. For high value building works and/or risks where contract works cover is required our HomeWorks product may be more suitable.
Unfortunately we cannot provide cover for commercial properties themselves but we can consider cover for residential properties above commercial premises, e.g. a flat above a shop.
Property development will be considered subject to certain criteria, however we are unlikely to offer all 3 levels of cover for these types of risks.
We have no maximum period of unoccupancy that we will offer quotes on, however we may ask for further information for properties that have been unoccupied for more than 3 years to ensure we understand the risk.
Unlike some other insurers we offer pro rata returns when policies are cancelled – even if they are short term.
Only annual policies are eligible to “”renew” however choosing a short term policy does not restrict the client, the policy can be extended beyond the original term if required.
Underwriting capacity is provided by certain underwriters at Lloyd’s of London, the world’s leading insurance market, rated A (Excellent), A+ (Strong) and A+ (Strong) for financial strength, by A.M. Best, Fitch Ratings and Standard & Poor’s respectively.
No, you will automatically be given access to Unoccupied under your existing Plum agency. Commission will be as per your current rate on Flex and there are no changes required to your TOBA.