Published at Tuesday, April 10th, 2018 - 23:27:24 PM. Unoccupied Home Insurance. By Durand.
What are some of the basic differences between the insurance you had while living in the home and what a typical home insurer will offer you on a vacant dwelling? A dwelling policy does not offer "all risk" coverage on the home. There are hundreds of causes of loss. We have seen everything from a woodpecker burrowing a hole into the side of a home so large, it cost $5,000 to fix, to a small airplane flying into the side of a house causing $250,000 of damage. There are hundreds of examples and potential causes of loss in between these two examples. A dwelling policy offers a short list of covered items. For example, fire, windstorm, smoke, etc. (perhaps 9 covered items, in total) If the cause of your loss is not on the short list, it's simply not covered under a typical dwelling policy. We can find clients the same coverage terms that they had while living in the home, and not reduced dwelling policy terms, if the home becomes vacant or unoccupied.
Have you been thinking about getting vacant home insurance? Here are a few tips that can help reduce the rate you pay for your vacant house insurance. Increase you Deductible- If you increase the deductible you pay on your insurance then you will pay less for insurance. Say for example that you are currently paying $200 for you deductible, if you were to raise that premium to $400, then the insurance provider would give you a discount. The higher the deductible the bigger discount you can get. Be careful about having a deductible that is too high because you will have to pay out it before you can get your claim.
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