By Durand. Unoccupied Home Insurance. Published at Tuesday, December 19th, 2017 - 20:26:35 PM.
Vacant homeowner's insurance (also known as vacant home insurance) is special insurance protection placed on a residence that is expected to be empty or unoccupied for over 60 to 90 days, or perhaps much longer. Every insurance policy offered by a property insurer is different and there are even variations from State to State, but no "regular" homeowners insurance policy is able to cover a house that is not being lived in. Every year, thousands of homeowners leave their home empty or vacant without understanding the provisions of their homeowners policy, and risk everything. In some policies, coverage can be dropped, at least for certain lines like vandalism, in as little as 30 days. Many homeowners that leave their house unoccupied for over 90 days don't understand they may have no coverage, or reduced coverage, in the event of a peril (like fire) that causes a serious loss.
Not a lot of companies will offer this sort of insurance because again, the risks are just too high. Empty homes are very tempting to criminals and what is more, you never know when some faulty wiring might start a fire or if heavy rains might cause some landslides. You may think that the chances of that happening are impossible but wouldn't you rather be safe than sorry? What you will want to do is to check out some online sources where you can find people or insurance companies who will provide vacant house insurance for you at the most competitive prices available. You will be offered three types of insurance coverage and obviously, the ones that cover more situations will obviously cost you to spend more money but if you think that you only need the most basic of coverage to protect your house and yourself, then you can choose to go for that coverage as well. You just need to assess the possible risks to your house and take out the insurance that you think will best suit you and your budget.
Is your home for sale and empty? It may be safer to keep a home that is on the market occupied, especially with days on market increasing. With the increase in inventory of vacant homes for sale, more and more home sellers are learning that their homeowner's insurance policy can expire if the home is vacant for more than 30 days. One of the issues that has triggered higher vacancy rates is the estimated more than 1 million foreclosed and repossessed homes for sale right now, according to the Mortgage Brokers Association. Other vacant homes have been abandoned by those who have not yet been foreclosed on, but who are no longer able to make their monthly payment or are upside down in the value of their home. Insurance companies put a higher risk and premiums on insuring vacant homes for the same reasons some homeowners are discovering... theft, vandalism, fire and water damage are more likely to happen in a vacant home.
Have you been wondering whether or not your property is insured if you are away? The truth of the matter is that most companies will actually drop their coverage if you do not occupy the property for over 30 days. This is to reduce the risk the bear for covering vacant properties. You will need special coverage called vacant house insurance if you are going to be away from your home or property for too long. Vacant home insurance gives your property protection from any vandals or thieves that might break in. This can give you peace in mind to know that you do not have to worry about something going wrong while you are away. Finding the right vacant coverage is very important to ensure that you get the protection that you need in your home.
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