How do I get an insurer to cover the vacant property I want to refurbish?

A homeowner purchasing a fixer-upper faces challenges in securing home insurance due to the difficulty of obtaining coverage for vacant properties during renovations. Quantity surveyor Shay Lally from Houses to Restore shared his personal experience with this issue, highlighting common obstacles and potential solutions. Lally explained that while not all vacant properties are considered derelict, insurance for such properties remains difficult to obtain. He recounted his own struggle when attempting to secure insurance for his fixer-upper. His lender required insurance before releasing funds, yet most insurers were unwilling to provide coverage for a property left vacant during renovation. Upon disclosing the house's age and renovation intentions, one insurer withdrew its offer, citing discomfort with the risk profile. Seeking assistance, Lally turned to a specialist insurance broker, who helped identify a provider willing to cover his situation. However, two months later, the provider reassessed the case and revoked the policy, citing concerns over the extended renovation timeline. Fortunately, the broker had a backup option ready, ensuring continuous coverage without interruption. Lally emphasized the importance of transparency when seeking insurance for a vacant property. Insurers often impose strict conditions regarding the duration of vacancy, the scope of planned work, and the involvement of contractors with their own insurance. Stepping outside these parameters can result in policy revocation, even after initial approval. To navigate this challenge, Lally recommended engaging with an insurance broker specializing in home insurance rather than relying on a generalist. Being fully forthcoming about the project's specifics, such as the expected vacancy period, the estimated duration of work, and the contractor's insurance status, is crucial. Additionally, having a contingency plan, such as a backup provider or a broker capable of swift pivoting, can prevent gaps in coverage. He noted that this issue represents one of many hurdles on the renovation journey, but it is solvable with proper preparation and guidance. Lally encouraged homeowners facing similar issues to reach out for further advice, emphasizing the value of proactive communication and strategic planning in overcoming insurance barriers.