New product from Prestige should be welcome by landlords, expats, executors of estates and people who are stuck in moving house chains as well. Here’s the word;
As the UK sees an increase in probate-related delays – causing the number of unoccupied properties left vulnerable during estate administration to rise – Prestige Underwriting has launched a comprehensive Short-Term Unoccupied Property Insurance product designed to protect properties that are left empty during the probate process.
Government data released this month suggests that probate delays have risen substantially over the past year, leading to a growing number of unoccupied properties across the UK. These delays can increase costs for estates, particularly when properties are left uninsured or underinsured.
Prestige Underwriting’s survey of insurance brokers² also revealed earlier this year that over three-quarters (79%) of brokers have seen an increase in the number of families seeking unoccupied property insurance and other ‘non-standard’ products, with more than half (55%) expecting demand to keep rising due to the growth of unoccupied homes.
Prestige Underwriting’s tailored product offers flexible coverage periods – 3, 6, 9, or 12 months – providing executors and estate planners with the flexibility needed to ensure full protection during the often unpredictable probate process. This bespoke solution offers executors, trustees, and estate planners an essential tool to mitigate risks associated with unoccupied properties, ensuring peace of mind for clients during what can be a lengthy legal procedure.
Alison Williams, Managing Director at Prestige Underwriting 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.”
With an increasing number of high-net-worth estates leaving properties unoccupied during probate, the need for specialist insurance has never been more significant. These properties are particularly susceptible to damage from perils such as flooding, fire, and theft, which can lead to significant financial losses for beneficiaries. The Prestige Underwriting policy provides coverage against these high-risk perils, addressing concerns raised by private client advisers and estate planners.
Unlike other policies that may demand stringent security measures, Prestige Underwriting’s solution does not require onerous security warranties, making it a practical choice for properties of all types. This flexibility is essential for properties undergoing probate, where executors may not have immediate access or the ability to implement costly security upgrades.
As the legal sector continues to embrace digitalisation, with probate processes becoming increasingly streamlined, there is a growing emphasis on ensuring that interim solutions like short-term unoccupied property insurance are robust and comprehensive. Prestige Underwriting’s product aligns with these evolving needs, providing executors, estate planners, and trustees with the confidence to navigate the probate process without the added stress of potential property damage.
Be the first to comment