By Durand. Unoccupied Home Insurance. Published at Saturday, April 07th, 2018 - 20:05:09 PM.
What are the most common reasons policyholders leave their home empty? Some people own two homes and travel from a cold climate in the winter to a warm climate like Florida. Many people are employed by multinational companies, and they can be sent to work on long term and short term assignments abroad. The houses of aging parents become empty when the parent enters a long term care facility. It is not uncommon for the house to sit empty while the family decides what to do, or perhaps they are too busy to immediately list the house on the real estate market. Of course, the number one reason a house loses insurance coverage by becoming empty or vacant is due to the house being put up for sale, and the sale does not occur quickly, leaving the house sitting empty. In all of these situations, an estimated 60% to 80% of the homeowners are not aware of the provisions of their existing homeowner' insurance policy that would essentially end coverage, exposing the homeowner to catastrophic loss.
An insurance company may be willing to work with you if you can assure them that someone will be looking over the house. Maybe a property manager or a friend or relative could check in on the house every so often. Vacant home insurance can be costly and hard to find but being without coverage can be financially devastating if something were to take place to your home. Some insurance companies do present insurance particularly made for vacant homes, even though it is not always at a cheap cost. If you get yourself in this form of situation, your best bet would be to shop around and try to find the best priced policy. A number of major insurers and surplus-line insurers do offer vacant-home insurance -- for a stiff price, certainly.
Many home owners do not realize that if they leave their property unattended for over 30 days most insurance companies will not cover the property. Because unoccupied homes and properties are riskier to insure than occupied places, it is important that you get a good vacant property insurance to cover your home. This insurance will ensure that your home is protected while you are away. When it comes to applying for good vacant property insurance, it is important that you know the different options that are available. Using the internet is your best bet to get a good vacant property insurance quote. The internet can give you access to a fast and reliable insurance quote in a short period. This means that you can check out the different insurance rates from the comfort of your own home.
This altered coverage is basically changing primarily to liability insurance with far less coverage on the structure itself. Also, if the property is going to remain unoccupied, vacant property policies are for shorter time durations, like from 3 to 12 months. There are a number of reasons why vacant property insurance may be necessary. Extended travel is one example. If you are going to be gone for a period longer than your insurance providers set limit for unoccupied property, you may have to pay a fee to carry over your full homeowner's insurance for that period. Another example is if your home becomes uninhabitable for a period of time. Perhaps it is undergoing renovations or repairs. You may be required to switch your coverage to vacant property insurance. Or, perhaps the property in question had an owner who is now deceased and it has gone into estate and is to be sold.
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