By Durand. Unoccupied Home Insurance. Published at Saturday, April 07th, 2018 - 20:05:09 PM.
Homeowner's insurance is so important for your financial protection. But did you know that if your home or property is unoccupied for an extended time that you could lose your insurance coverage, or that your coverage may automatically be changed? Even if your home is unoccupied for as little as even 30 days, your homeowner's insurance may no longer be effective. You would hate to find out after the fact that a theft or damage to your property is not covered because your home had been unoccupied for a certain length of time and your full coverage was no longer in effect. Insurance companies view vacant property as being at higher risk for damage than occupied property. For this reason it is insured differently and companies will automatically shift coverage to this alternative after a set number of days of vacancy. That number of days varies with each company.
Many insurance companies will allow you to have coverage on a house that is vacant for a small period of time. If you are a landlord with a tenant that has just moved out or you are moving to a new house and haven't sold the old one yet your insurance company will not cut off your coverage but in many cases you will have about 90 days and at that point many insurance companies will cancel the policy. If you are the owner of an unoccupied house you certainly do not want to be without homeowner's insurance even if it will be a lot more expensive. It would be tragic if your homeowners insurance coverage lapsed and then there was a fire or other significant damage. The financial losses would be difficult or impossible to recover from. An insurance company may be willing to work with you if you can assure them that somebody will be looking over the house. Perhaps a property manager or a friend or relative could check in on the house once in awhile. Vacant home insurance can be expensive and difficult to find but being without coverage can be financially devastating if something were to happen to your house.
It's very important to have a good homeowner's insurance policy to protect such a huge investment but if your home is vacant it can be difficult and expensive to get the coverage you need. There are a number of reasons why a house can be empty. Maybe you are a landlord and your tenant has moved out. Maybe you are moving and have not been able to sell your old home yet. Whatever the reason, vacant home insurance can be hard to come by. Some companies simply will not provide coverage for an empty house. If you can find an insurance provider that will work with you it's usually going to be quite a bit more expensive to ensure an empty house than a house with someone living in it. The reason for this is because an empty house is a target for thieves and vandals. There are also liability issues. If your home is vacant and someone hurts themselves on your property you, or your insurance company, may still be liable for any injuries sustained.
Another great way to get a lower insurance premium per month is to raise you deductible. The deductible is the amount that you have to pay out of pocket whenever you make a claim. Increasing the deductible you pay will lower your monthly insurance premium. This is because a higher deductible decreases the insurer's payout they have to make when a claim is made. Going online can help you get the cheapest vacant home insurance available. Look up different companies that offer the insurance and see what rates you can get. Be sure to get different comprehensive quotes. Because insurance is a competitive industry, you can always find good deals if you are willing to look around.
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