A vacant property is very different from the one where people have lived. The empty rooms, the corners, and the unused belongings start collecting dust over time. It loses the homely feeling and is more like a house. But despite all the differences, this vacant house can still be used and families can still picture themselves living in it and filling the house with new things and creating new memories. This house can still be protected not for its potential but to prevent any further damage from happening to the property.
If you have a vacant house or plan to leave one vacant in the future, then vacant home insurance from Homeowner Insurance Companies is something you must consider so that you can protect your vacant property.
What Is Vacant Home Insurance?
Before going for the vacant home insurance, it is important to know the meaning of it and when you actually might need one. Usually, vacant home insurance can be bought as its policy or as an add-on endorsement to an already existing one. This insurance policy is designed to protect vacant homes for an extended period. This policy is different from the usual homeowner's insurance that covers you only for the amount of time you own and live in your current property.
Also, the amount of time you will need to cover for the vacant house differs from company to company along with the Homeowners insurance quote. For example, some insurance companies might deem the house o be vacant if nobody is living in it at least for a month. On the other hand, some insurers can extend this to 2 months or more to consider the house vacant.
What does vacant home insurance cover?
Vacant home insurance covers a lot of things that a standard homeowners policy does not. Your insurance plan can cover you from the loss or damages caused by the following –
- Lightning
- Wildfire
- Wind
- Smoke
- Theft
- Leaking Pipes
- Hail
- Fire
- Explosion
- Vandalism
What all will be covered and for how long depends on the Homeowner Insurance Companies and the kind of policies you choose from them. Before you plan to get the vacant home insurance policy, you must make sure to determine how much homeowner’s insurance you need and review the company’s specific protection guidelines for the type of insurance policy you choose.
Who will need vacant home insurance?
His type of homeowner’s insurance is needed under certain specific conditions only. If you know that the house is going to be vacant for a longer period, then this insurance is something you must go for. Apart from that. The certain situation that might require vacant home insurance are as follows –
- If you own a rental property that sits vacant when the market is offseason
- Because of medical reasons, you will be hospitalized for an extended period.
- If you own a vacation home that you use only for a few months out of the year
- Because you are selling a house that you no longer live in because you moved into a new one.
If you are performing extensive renovations on the house and that makes it temporarily inhabitable.
You might also need vacant home insurance if you are a part of the military services or you will be traveling for an extended amount of time. But, one thing to remember is that if you want to call the house vacant, it should be emptied and there should be no personal belongings in it.
Why is vacant home insurance so important?
Vacant homes need insurance because it does not have someone who can watch over it. The home becomes more vulnerable to risk because of vandalism or break-ins. Also, because there will be no one to report a fire or water mishap, the home may suffer from more damage like a pipe bursting, fire, or a natural disaster.
How can I purchase vacant home insurance?
First and foremost, you need to find out how long can your property sit unoccupied before it can be considered vacant. After that, you can determine if getting vacant home insurance is the right choice for you or not. It is very important, to be honest with the insurance company regarding the status of the property.
If you need vacant home insurance, you can ask your insurance provider how they will be handling this type of coverage. Some may allow you to add the coverage on an existing policy, while others may ask for a completely separate policy. Once you talk to your current provider, you can also shop around and talk to other providers for the best coverage and prices. Always remember to talk about the 3 most important factors – monthly costs, coverage limits, and deductibles.
Once you finalize the Homeowner Insurance Companies you can apply for the coverage. You will need government-issued ID proof and also the property papers to prove that you are the owner of the property. You will also have to provide the home’s estimated value and the approximate time it will be sitting vacant.
The Bottom Line
If you are planning to leave the home vacant for more than a month, be it your vacation home, an investment property, or a renovation project, you must consider purchasing vacant home insurance from Homeowner Insurance Companies. Because the home can be susceptible to vandalism or theft or any other physical damage, with this type of insurance you can have peace of mind knowing that your finances are protected when you are not living here.
