Does your homeowners insurance include coverage for an unoccupied property? If you are like most policy holders, you know little about the fine print surrounding your home’s occupancy. In fact, you may not even be aware that most homeowners insurance companies include provisions in their policies that exclude, reduce or even drop coverage for vacant or unoccupied properties. If you own a home that is temporarily unoccupied or permanently vacant, the higher risks associated with your property could leave you vulnerable to loss and damages not covered by your insurance. Click here to read more about the vacant home clauses and to find out if unoccupied homeowners insurance could be right for you.
About Unoccupied and Vacant Properties
Millions of homes in the U.S. are vacant or unoccupied for a number of reasons. The definition of an unoccupied or vacant home varies from insurer to insurer according to the guidelines documented in a homeowners insurance policy. However, the general definition of an unoccupied home is one in which no one has lived for a period of 30 days or more, but the owner is generally expected to return in the future. A property may be considered vacant if it is uninhabited, and most of the home’s furnishings have been removed. Vacant homes are often abandoned properties that may or may not have occupants in the future.
Vacation houses, rental homes, houses undergoing renovation, and empty houses placed for sale are just a few examples of properties that are often excluded from traditional homeowners insurance coverage. Whatever the reason, some homeowners may be surprised to find their insurer has dropped coverage or denied a claim due to higher risks of vandalism, theft, and other losses.
Purpose of Unoccupied or Vacant Home Insurance
The purpose of unoccupied home insurance is to provide financial security until someone moves into a home or a new owner purchases the property. Unoccupied home insurance varies from traditional homeowners coverage in that it is meant to be temporary. Policies are typically written for specific periods of time – often between 3 months and one year. In some cases, an insurer can include an unoccupied home addendum to an existing homeowners insurance policy that will provide temporary coverage until a homeowner returns to the property.
Unoccupied home insurance ensures that claims will be paid for certain types of damages that a homeowners policy would not cover. For example, traditional insurance might deny a claim for damage from a burst pipe while the homeowner was away, as the losses may have been better mitigated had someone been present when the damage occurred.
Find Coverage for Your Unoccupied Property
Do you know the details of your current homeowners insurance coverage for unoccupied or vacant homes? If you currently have an unoccupied home or plan to leave a property in the future, we encourage you to contact our office to speak with one of our helpful agents. We will be happy to review your current coverage and identify any potential gaps in coverage. Our team will assist you in finding unoccupied home insurance that fits your needs and provide you with a free, no-obligation quote. For more information, give us a call today. We look forward to serving you soon.
