By Durand. Unoccupied Home Insurance. Published at Tuesday, December 19th, 2017 - 20:26:35 PM.
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.
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.
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.
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.
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