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Unoccupied Direct Property Insurance – Our Winter Update

Happy New Year! To start off 2022, I have the following updates about our Unoccupied Direct Property Insurance:

Admin Fees

There will be a change to our admin fees as of 1st February 2022:

  • New business and renewal fees will be applied at £20 for premiums of £500 or lower and £30 for premiums of £500.01 or higher
  • Fees will be applied at £20 for mid-term adjustments and cancellations
  • Fees will be applied per property
  • Fees will be capped at max £300 per customer

Our Survey

Thank you to everyone who took the time to respond to our feedback survey. We will review your comments and look for ways to improve our product and the service we provide in 2022.

Our Heating Clause

During the colder months, there can be an increased risk of frozen pipes in unoccupied homes. This may result in a pipe bursting if the property has not been drained down.

With over a quarter of our claims being for escape of water, we’re aware of how much of an issue this can be. Our policy includes the following heating clause to help prevent such a problem:

Policyholders with our Unoccupied Property Insurance must comply with one of the following, during the period 1st November to 31st March each year:

i) if the entire main structure at the premises has the benefit of gas or oil-fired central heating then this must be set to operate continuously (not timed) for 24 hours each day at no less than 12 degrees Celsius or 54 degrees Fahrenheit

or

ii) all water supplies in the main structure at the premises are to be turned off at the mains stopcock and the water system drained of all water.

Policyholders can see their policy schedule for the full details.

Access Our Product Guide

Our Product Guide is available to view and download on our website. It contains information about our product, as well as a checklist for looking after an unoccupied home. You can access it by visiting this link and clicking on the Product Guide button on the left side of the page.

Unoccupied Direct Claims Data

I’ve recently reviewed our claims data over the lifespan of the Unoccupied Direct product and will be sharing my thoughts on the most common claims we’ve had during the New Year. If you’re interested in learning more about the typical claims we receive for an empty home, I will be posting my findings on LinkedIn. Feel free to connect with me if you haven’t already!

That’s all from me for now, but if you have any questions then feel free to book a meeting. Send an email to wayne.shinn@vasek.co.uk, and I will get back to you.

 

All the best,

Wayne Shinn

Business Development Executive

Unoccupied Direct Property Insurance

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Vasek Insurance is a trading name of Arthur J. Gallagher Insurance Brokers Limited, which is authorised and regulated by the Financial Conduct Authority. Registered Office: Spectrum Building, 7th Floor, 55 Blythswood Street, Glasgow, G2 7AT. Registered in Scotland. Company Number: SC108909.