By Durand. Unoccupied Home Insurance. Published at Monday, March 05th, 2018 - 00:57:30 AM.
Are you thinking about getting vacant home insurance for your unoccupied property? Vacant insurance for properties that are not occupied is essential in ensuring that your home is protected. What most people do not realize is that regular coverage does not cover homes that are unoccupied for over 30 days. This means that if your property is left alone for longer than 30 days the chances are you won't have coverage. It is necessary to get vacant protection for your home because it can give you the protection that you need while you are away. Having a good vacant insurance plan will give you peace and mind when you are away from your property. Before getting your plan you should check with the company that insures your current home and see if they offer unoccupied insurance for their coverage.
As with other insurances, there are ways to help keep the cost of vacant property insurance lower. One of the best ways is to make sure the property is as secure as possible. Some insurance companies refuse to provide vacant property insurance unless the home is equipped with an alarm system. This is the best way to get a reduction in your rates (and in some cases to even getting the insurance in the first place). If you have been with this company for some times, be sure to ask about any available loyal customer discounts. The fact that you have been a faithful, paying customer over time is often recognized by insurance companies by offering discounts. There may be no place a discount is more needed than in getting vacant property coverage. Raising the deductible is also a possible means of saving on the monthly premium. Just remember, a higher deductible means higher out of pocket expense if a claim has to be made.
As I mentioned in my previous article, the damage can be exacerbated because there's no one around to report it or stop it. You also have a liability problem because word gets around that no one lives there and you might have neighborhood kids that decide to go poking around and cause damage. Vandalism and theft also bring an unsavory element and the thought that there goes the neighborhood and the values of the properties in the neighborhood. My insurance agent has advised that before your home is vacant, take a look at your policy and talk with your personal insurance agent for guidance. He also said vacant homeowners insurance is available to cover the vacant property and the seller's liability. Coverage obviously varies from state to state and different policies vary from company to company. Be prepared to pay a pretty penny though, vacant home coverage is expensive.
If planning to leave a property unoccupied for a period of time it can often be advantageous to have in place a dedicated vacant home insurance plan. Often more expensive than a standard homeowners plan, due to the higher risks involved. Vacant homes are often a temptation to thieves, vandalism and squatters, so it is essential that adequate insurance coverage is kept in place. It is always a wise choice to inspect a standard homeowners policy to see if the actual cover remains in force should a house or condo be left unoccupied for a extended period. If a home is to be left for a certain period of time - make contact with the insurance company or agent. It might be a necessary to upgrade to a vacant household scheme to ensure that full cover remains.
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