In addition to reducing premium rates, it introduces full cover for unoccupied property for up to 60 days from the policy start date.
Geoff Hall (pictured), managing director of Berkeley Alexander said the company had “identified a gap in the market”, explaining: “When a landlord buys a property, it is generally unoccupied to begin with as it takes time for the landlord to find and install tenants. Landlords have found it difficult to secure appropriate buildings cover for that period, as many insurers will restrict cover from day one or not offer cover at all.”
Berkeley Alexander and Covéa Insurance’s product protects the property fully for up to 60 days, with the possibility of extending the cover with restrictions for a further 30 days. If the property is still unoccupied after 90 days, a specialist unoccupied property policy can be offered.