It’s your home and your investment. Safeguard it with vacant home insurance.
When is your home considered vacant?
The duration that defines a home as vacant can differ among various policies; however, it is generally accepted that a residence is deemed vacant after being unoccupied for a period of 30 days. This situation may arise for several reasons, such as the property being on the market, a transitional phase between tenants, or undergoing renovations. When a home is classified as vacant, it may also pose an attractive nuisance. This can lead to increased attention from potential thieves or vandals, thereby heightening the risk of property damage or loss due to the absence of occupants.
What are the risks associated with vacant homes?
Unoccupied properties inherently face a heightened risk of incidents such as fire, flooding, and theft due to the absence of regular oversight. For instance, if a heating system malfunctions and leads to a burst pipe, the resulting water damage may go unnoticed for several days or even weeks. This delay can exacerbate the extent of the damage compared to if the problem had been promptly addressed. Additionally, indicators of vacancy, such as an overflowing mailbox, an unkempt lawn, or other telltale signs, can attract criminal activity. In such scenarios, intruders may break in, inflict damage, and steal valuable items like appliances or furniture. Consequently, not only are the risks elevated, but the necessary level of insurance coverage also increases.
Why do you need to insure a vacant home?
In the event that your residence will remain uninhabited for an extended duration, it is essential to obtain vacant home insurance to safeguard both your property and your investment, as standard home insurance policies typically only provide coverage for occupied dwellings.
What does a vacant home insurance policy cover?
A vacant home insurance policy may provide coverage for certain risks, including fire, flooding, wind, hail, and theft, contingent upon the selected coverage options. It can also encompass the expenses associated with repairing or replacing your home in the event of damage or destruction. Furthermore, this policy may address liability claims for which you could be held accountable, such as bodily injury or damage to another person's property. Coverage for criminal acts, including vandalism and other forms of property damage, may also be included. It is crucial to note that a standard home insurance policy may deny coverage if the property is unoccupied at the time of a loss. Therefore, securing the appropriate policy is vital. Additionally, similar to other types of insurance, the policy must be active prior to any incident occurring to ensure coverage.
Real-world examples of how insurance protects vacant homes.
The risks associated with residential properties extend to vacant homes as well. However, vacant properties are often subject to heightened risk factors. For instance, former owners of a foreclosed property might unlawfully enter and vandalize the interior. Additionally, a minor fire could ignite and potentially spread to adjacent homes before being extinguished. Properties undergoing renovations may also be vulnerable to theft of appliances and fixtures. These types of risks are typically addressed in a vacant home insurance policy. Do you own a house that is currently unoccupied or will soon be? It may be prudent to consider vacant home insurance to safeguard your investment. Please reach out to us to explore your coverage options.