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Vacant Property Insurance

If you leave your home unoccupied for weeks or even months at a time, your home is by definition vacant. If this is the case, then you need to realize that many homeowners are in for a nasty surprise if they ever have to file a claim on their homeowner’s insurance. You see, many individuals do not realize that most ordinary house insurance policies do not cover any loss if you plan on leaving home vacant for any length of time. Simply put, if this is the situation regarding your home, then it is likely that you will be on the hook for any damages that might occur to the house. In these situations, regular homeowners’ insurance just isn’t going to cut it.

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If your current life situation is finding you traveling a lot for whatever reason, then that is a reason for you to seriously look into the many vacant and unoccupied homeowners insurance products that our firm can offer to you. If this is something that you are in the market for, then the following information will be of use to you:

Insurance for Vacant or Unoccupied Homes

If you have a home that is considered vacant and it incurs liability, vandalism, storm damage, or other types of claims, then you should be aware that ordinary homeowners’ insurance will often not cover this. If you are planning on leaving your home for a few months, you will do well to purchase a vacant homeowners policy. If your home has a fire or goes through a tornado, you will most likely be entirely out of luck with an ordinary policy.

However, there is some good news here. You can often purchase an endorsement for your regular homeowner’s policy for an extra charge. Additionally, if you buy a separate vacant homeowners policy, then that obviously will replace the standard policy. An endorsement would be an add-on to your ordinary insurance.

Of course, you should be aware that having a vacant home will pose a greater insurance risk, and that is why many standard insurance companies will be hesitant to insure a home in this condition. For one thing, the response time will be slower for a vacant house. Furthermore, fires are liable to have more damage since the homeowner is not present to remediate any damage. Finally, just the very fact that leaving home vacant would be an increased risk would mean that you need this type of special insurance.

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How do I know if I need unoccupied homeowners’ insurance in the first place?

While most insurance policies will vary, in general, you are running the risk of getting your claim denied if you are away from home for more than 30 days at a time. Naturally, you should ask your insurance company what their definition of tenancy is. You should also realize that most companies will have specific restrictions regarding these timetables. Are you wondering if you need unoccupied homeowner’s insurance? Here are some situations where it might be a good idea:

  • You have a vacation home that you don’t visit very often.
  • You won’t move into your new home for at least a month or more.
  • You do an immense amount of traveling.
  • You are going to go in for an extended hospital stay.
  • You are remodeling the home, and it will be a long time before you can move in.

Is my home considered to be unoccupied or vacant?

If you have a home that is considered unoccupied, that means that you probably have furniture and utilities set up in it. Alternatively, a vacant home means that there is usually nothing in it. Most insurance companies will have an easier time insuring an unoccupied home than a vacant one. They typically think that an unoccupied home would have less severe damage.

Vacant or Unoccupied Homeowners Insurance: Things You Should Know

First of all, you should be aware that your premiums are going to be higher. You should expect to pay upwards of 50% or more for insurance for your unoccupied home. Moreover, you should expect to pay at least $500 more per year for a vacant home than you would for an occupied one.

For a fast Vacant Property Insurance quote call (843) 951-9099 now!

Ways To Save on Vacant and Unoccupied Homeowners Insurance

Finally, you can rest assured that even if you have an unoccupied home, there are means you can take to make sure that you save money. For example, perhaps you have a trusted relative, neighbor, or friend who could stop by the home every few days. That would look good for your insurance company. Installing an alarm system could help you achieve a discount. Of course, these situations are on a case-by-case basis, so there is no hard-and-fast as to just what might earn you a discount on your vacant homeowner’s insurance. However, you can discuss discount opportunities with them for sure.

Do you have an unoccupied home? If so, you can talk to us and give us a call. We understand your unique insurance needs, and we have experience helping people insure their vacant homes. Let us know how we can be of service to you!

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843-951-9099

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843-951-9099

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