By Durand. Unoccupied Home Insurance. Published at Saturday, April 07th, 2018 - 20:05:09 PM.
You need a vacant home insurance policy. The best place to start is to ask the agent that wrote your homeowners insurance policy to write a vacant homeowners insurance policy. If that agent cannot help, you will have to contact an independent insurance agent that offers these types of insurance policies. Over the past few years insurance carriers have developed policies specially designed for a vacant home. Most of the companies that will underwrite a vacant home are not household names, but little known specialty insurance companies. These companies offer insurance products that are not written by your main stream property and casualty insurance companies. These type policies are offered through independent agents. Okay so how do you proceed?
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.
If you are going to leave your home unoccupied then you should make sure you have vacant house insurance. Vacant insurance is important because it ensures that your home is covered while you are away. Having protection will give you peace in mind that your home is covered in any situation. Be sure to do the following steps to help get the cheapest insurance possible. When you are applying for you vacant house insurance, you should be sure to subtract the value of the land from your total property value. You do not need to worry about insuring the actual land that you live on; you just need to focus on high value things such as your house. This will save you a lot of money because the value of property is quite high relative to the home value.
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.
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