01935 389812
The storms and flash floods that inevitably follow the heat often pose greater risks to unoccupied residential properties than the longer spells of damp, cold weather so typical of our climate.
This is why probate practitioners, and their conveyancing colleagues who are handling probate properties, should ensure adequate unoccupied residential insurance cover is in place in the summer months. It’s not advisable to simply wait until the autumn or winter months.
Watchman’s own unoccupied property insurance is a policy designed specifically for unoccupied residential properties. Cover is highly cost-effective and simple to arrange.
This policy covers the risk of probate properties left unoccupied because of the owner’s death (it also provides effective cover if the owner has moved into a care or residential setting). Unlike many policies for unoccupied properties, Watchman’s policy include cover for risks including malicious damage and for subsidence.
Sluggish market
Most wills and probate practitioners will be well aware that the property market is slow; and empty probate properties are likely to remain on the market for considerably longer than they were two or three years previously. Property insurance is an important factor that should not be left sitting on the backburner.
Personal representatives have a duty as trustees to take appropriate steps to protect their estate assets, or risk personal liability for losses incurred. Estate properties are typically the asset of most value in an estate – yet empty properties are at greater risk off flooding and storm damage, electrical faults; fire risks; structural disrepair, and criminal damage such as arson and burglary.
So why is our Watchman unoccupied property insurance policy particularly worth considering? Several features make it stand out from the competition, for instance, many other insurers require payment of the premium upfront. For some estates, that could be impractical.
No upfront premium is required for the Watchman policy - simply a small initial deposit. The full policy premium is not paid until the property is sold or transferred (or up to 12 months later).
Of course, existing buildings insurance for a new probate property may be adequate and effective for now. But its terms and conditions must be carefully checked, as most insurers withdraw cover after a short period (or impose additional conditions for continued cover).
Watchman Insurance provides certainty; and is simply designed specifically to protect unoccupied residential properties such as probate properties.
It is simple and straightforward to set up and can usually be secured the same day with the initial deposit. There is also transparency as far as fees are concerned: executors will find no hidden charges or cancellation fees – with cover calculated at a fixed daily rate.
You can get more information and a quote by contacting us here
