Did you know that if a home has been vacant for more that 30 days, a standard home owner’s policy will not cover the property? That means any accidents that may happen or any damage caused by burst pipes or vandals would not be covered. You would be totally unprotected against lawsuits, needed repairs, and total losses. Vacant homes are at a higher risk for flooding due to water leaks or pipes breaking without being noticed. Pest infestation can cause major damage to the infrastructure of the building, making it unsafe. Intruders and squatters can steal fixtures and copper wiring, or put you a position of liability if they get hurt while in your vacant home. Vacant home insurance can protect you and your property when no one can be there.
Homes are vacant for many reasons, including the death of the family member living in that home, job relocation that takes you away for months at a time, or complete renovations that take more than 30 days. A home is also left vacant if you have moved into a new home and have not found a buyer for your previous residence. Insurance companies clearly define a vacant home as a home that is empty of inhabitants or lacks enough furniture for someone to reasonably live there. So, if there is no bed, tables or appliances, the home is considered vacant. You will need to change your standard home owner’s policy to a vacant home insurance policy if you find yourself in any of those situations.
Vacant home insurances costs vary depending on many factors. Insurance companies look at the location of the home, the value of it, and the reason it is vacant, along with other factors, to determine a rate for your policy. You may fare better with an insurance agent to navigate you through the process. An agent can also negotiate with the company to help lower the rate in the case of a death in the family, for example. The insurance policy for a vacant home covers vandalism, theft, fire, water leaks, other potential damages, and liability. It would cover and protect you when you are not able to occupy the home.