Amid ongoing delays in probate processing in the UK, Prestige Underwriting has introduced a specialised short-term unoccupied property insurance product aimed at protecting homes left empty during the often-lengthy estate administration process.
According to HM Courts and Tribunals Service’s (HMCTS) management information published this month, July saw an average of 9.3 weeks to process probate applications, digital and paper combined. In July 2023, the average stood at 14 weeks.
At the time, Law Society president Nick Emmerson noted: “New statistics show that HMCTS has issued more probate applications each month than it has received, allowing for a decline in outstanding caseload. The timeliness of processing these applications has improved and must continue improving.”
The delays have been attributed to a combination of a caseload backlog following the pandemic, the centralisation of probate registries, the transition to digital, and a decrease in staff count.
Meanwhile a Prestige Underwriting poll earlier this year showed that over 75% of insurance brokers have noticed an uptick in families seeking unoccupied property insurance and other non-standard policies. More than half (55%) expect a continued increase in demand as the number of unoccupied properties grows.
In response, the managing general agent’s new policy offers flexible coverage options with terms of three, six, nine, or 12 months. This will allow estate administrators, trustees, and executors to secure protection for properties during what can be an unpredictable probate period.
Prestige Underwriting managing director Alison Williams (pictured) stated: “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.”
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