Published at Wednesday, April 11th, 2018 - 16:39:43 PM. Unoccupied Home Insurance. By Durand.
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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