By Durand. Unoccupied Home Insurance. Published at Monday, January 01st, 2018 - 20:30:10 PM.
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.
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.
It is very significant to have a good homeowner's insurance policy to protect a huge investment but if your home is vacant it could be complex and costly to obtain the coverage you need. There are many reasons why a house can be empty. Perhaps you are a landlord and your tenant has moved out. Perhaps you are moving and have not been able to sell your old home yet. Whatever the reason, vacant home insurance can be difficult to get. If you are the possessor of an unoccupied home you surely do not want to be without homeowner's insurance although it will be a lot more expensive. It would be unfortunate if your homeowner's insurance coverage lapsed and after that there was a fire or other substantial destruction. The financial losses would be hard or impossible to recover from.
When a traditional homeowners insurer finds out the home is not being occupied by the primary owner (or at least one family member in the immediate family) they will take steps to cancel the policy. In the cases where the homeowner's insurer is actually willing to offer coverage on the vacant home, don't think the coverage is the same! The covered offered is almost always reduced from what the owner had while living in the house. The coverage being offered is called a dwelling policy (Dwelling 1 or Dwelling 3) and it is not the same amount of coverage the owner had while living on premises, which is typically called HO3 or HO5 coverage.
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