Vacant home or just unoccupied?
There is a difference and that difference can make a difference in how you insure it against damage. Vacant property isn’t occupied, but a vacant property for most insurers doesn’t have any personal property in it. Some insurers will write a rider on an existing homeowners policy and others will require that you purchase a separate policy for that property.
What does vacant property insurance cover?
Like a regular homeowners plan it will cover the structure and protect it from the hazards like fire, theft, vandalism, weather related events (wind, rain, hail and lightning.) It will also cover other structures on the property. However, if you have personal items in a storage building on that property be aware that it likely will not cover those things contained in the storage building. Vacant property insurance is available for property that hasn’t any occupant nor personal possessions within it.
Unoccupied home insurance is handled somewhat differently
For example, if you own a vacation home that you only occupy a few months of the year and the remainder of the time it is unoccupied but contains personal possessions that is a difference that you need to discuss with an agent to determine what is the best way to protect both the structure and the personal possessions that are kept there. Most insurance companies will not consider vacant home insurance if there are personal possessions located on the property.
How much will insurance for a vacant house cost?
It will almost certainly be more expensive than an owner occupied home. A vacant property can be a tempting target for vandals and your premiums will reflect that. Not having someone to look after the property or be on the premises also increases the risk from fire and water damage. With some companies an endorsement to an existing homeowners policy may be available for an unoccupied property.
Who needs a vacant home insurance quote?
If your property is vacant awaiting sale, under repair to make it habitable or because it is being renovated you should explore coverage with an agent and determine if this is the best way for you to protect your property in the event of weather related damage, fire, theft or vandalism. They will know the way the company or companies that they represent cover properties of this type. Some companies will not consider a property vacant until 90 days without occupation have passed while for others 30 days are sufficient. As you will vacant your home, you might look for a renting a home. Then, in this case, why not take a look for renters home insurance?
Purchasing vacant home insurance coverage at ConsumerCoverage.com
Talk to an agent about your options. A separate policy or an endorsement on an existing one may both be options open to you when insuring an unoccupied or vacant home. Some of the information you may need and about which you may have questions when you visit here:
