While it is true that a homeowner’s insurance policy will cover the risks that are outlined within the policy, it is also true that most of these policies will not cover homes that are unoccupied or vacant. While you may think it is safe to allow coverage to lapse on empty homes, it is not.
Your home may be subjected to theft, various types of vandalism, and even squatters. Due to this risk, it is in your best interest to obtain insurance coverage for an unoccupied or vacant home.
What Is Home Insurance for Unoccupied or Vacant Structures?
You must protect your property at all times. It does not matter if it is empty due to renovations or as part of a process to sell the home. This special type of coverage is added to your homeowner’s insurance as an add-on or a special type of endorsement. The following outlines the definition for an unoccupied or vacant home:
A structure that includes personal belongings, yet is not currently occupied or lived in is considered to be “unoccupied”. The property is considered to be “vacant” if it includes no personal belongings and is not currently occupied or lived in.
What Reasons Might I Need Insurance for an Unoccupied or Vacant Home?
There are several instances in which you will require unoccupied or vacant home insurance for your home. The following outlines some common situations:
- You had to move out of the structure in order to do repairs, work on the building or renovations
- You are in the process of selling the home
- You are in the midst of probate
- You bought the home but do not plan to move in right away
- The person that occupied the home had to be taken in somewhere else to receive care for an extended amount of time
- It is not your primary residence
- You are a landlord with property that has been vacated or is completely unoccupied
Is Unoccupied and Vacant Home Insurance Cheap?
In short, insurance for unoccupied and vacant homes is not cheap. In fact, empty homes carry a significantly higher risk in terms of vandalism, fire, theft, and water damage. Due to the increased risks, this type of insurance is often more expensive than standard homeowner’s insurance.
When shopping for this insurance, it is essential that you take the time to comparative shop. That way, you can get the best rates in terms of the premiums and the extensive level of coverage that is required.
Contact Us Today
We here at Modica Associates have provided assistance to customers since the year of 1961. Our family-owned business works with each client to discover the most competitively-priced insurance within the nation.
We will work with you to determine the best type of insurance for your needs and will provide you with companies and coverages that are a match for you. We view each of our clients as a business partner.
Our educated staff works to provide optimal service that is tailored suited for your needs. If you have an insurance need, we will assist you with it! Contact us now by calling: 718-855-1836