’Our short-term unoccupied property insurance addresses the specific risks associated with unoccupied properties,’ says managing director
Prestige Underwriting has launched a new short-term unoccupied property insurance product in response to broker feedback.
The new proposition has been designed to protect properties that are left empty during the probate process and offers coverage periods of three, six, nine, or 12 months.
It also covers a range of high risk perils, such as flooding, fire and theft, which can lead to financial losses for beneficiaries.
The product comes after Prestige found that 79% of brokers had seen an increase in the number of families seeking unoccupied property insurance and other non-standard products, while 55% expected demand to keep rising.
Some 65 brokers that are involved in non-standard markets were polled by the managing general agent (MGA).
Alison Williams, managing director at Prestige, said: “We understand that executors and trustees need solutions that are both comprehensive and adaptable, especially during a time of legal uncertainty.
“Our short-term unoccupied property insurance addresses the specific risks associated with unoccupied properties, including fire, theft, storm and subsidence, without the burden of excessive security warranties.”
Probate delays
Brokers expect demand to keep rising for such a product due to the growth of unoccupied homes.
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Prestige said probate applications took an average of seven to 10 working days to process in 2016, but HM Tribunal Service data, published in September 2024, revealed that delays had now increased to over 13 weeks.
The MGA said this would lead “to a growing number of unoccupied properties across the UK”.
It added: “These delays can increase costs for estates, particularly when properties are left uninsured or underinsured.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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