An Altogether Better Unoccupied Property Insurance Product
As a law firm, there are lots of circumstances where your client might need Unoccupied Property Insurance. But perhaps the most common is during probate. Administering a loved one’s estate is rarely straightforward. Alongside the legal responsibilities, Executors are often left managing practical issues they may have little experience with – and an unoccupied property is one good example.
The Winter season is a period of heightened risk for vacant homes. Falling temperatures and reduced ventilation significantly increase the likelihood of burst pipes, water damage, and other issues that can quickly escalate into significant repair costs. For estates and their executors, incidents like these can delay property sales, reduce asset value, and introduce unexpected expense at an already difficult time.
The challenges Executors and law firms face
Despite these risks, securing appropriate unoccupied property insurance is often more complicated than it needs to be. When arranging cover for a vacant property, law firms and their clients regularly encounter the same obstacles:
- Limited knowledge about the property, making it difficult to answer detailed insurer questions.
- Lengthy and complex quotation processes.
- Strict policy conditions, particularly mandatory weekly inspections or ‘draining down’ of water systems.
- Exclusions for common risks such as burst pipes, theft or squatting.
These obstacles quite often make the cost of these policies disproportionate to the value of cover required. And importantly – swallow up precious time of their Solicitors who are often managing multiple estates at once.
Prosperity Insurance has partnered with John Morgan Partnership (JMP) who are property insurance specialists and have developed An Altogether Better Policy
John Morgan Partnership (JMP), property insurance specialists, have developed an unoccupied property insurance policy specifically with Executors and law firms in mind. Rather than adopting standard vacant property cover, this policy addresses the realities and challenges of probate.
First of all, it removes the need for mandatory weekly inspections. By removing this condition, the policy not only simplifies compliance but can save estates hundreds of pounds over the course of probate.
But the policy doesn’t reduce protection in exchange for flexibility.
JMP’s unoccupied property insurance for Executors provides comprehensive cover, including risks that are frequently restricted or excluded elsewhere. This includes protection against burst pipes and escape of water as well as burglary.
Other benefits include:
- Competitive premiums designed to minimise outlay for the estate.
- Up to £750,000 rebuild cover.
- A rolling monthly policy rather than an annual commitment.
- The ability to cancel as soon as the estate is settled.
A straightforward and fair policy for law firms and their clients. It reassures executors that their properties are protected at a vulnerable time, without placing unrealistic demands on them or their legal teams.
John Morgan Partnership administer the policy in full, bringing their specialist expertise in property insurance to every case. Prosperity Insurance acts solely as an introducer, ensuring clients are connected with a solution that is altogether different from the market standard.
If you want to know more about Unoccupied Property Insurance, get in touch.
