Did you know that your home insurance is only valid if someone is living in the home?
If you find yourself having to leave your home empty for an extended period (anything longer than 4 days really), it is vital to let your insurance broker know. At that point, you can discuss your situation and determine what additional coverage you need to make sure your home is protected while it is vacant.
What is vacant residential property insurance?
It is a separate insurance policy that was created to cover the increased risks associated with unoccupied buildings. Unfortunately, vacant homes are just more likely to experience damage. You might not know how long your property will be vacant. Your insurance executive will work with you to determine what insurance terms are appropriate (3 or 6 months) and then help you if you require the insurance policy to be renewed from there.
Here are some examples of some common losses that vacant residential properties can suffer:
- Hail, lightning or windstorm damage
- Water damage caused by broken pipes
- Malicious mischief on the property and general property destruction
- Squatters on the property who cause damage without the owner’s knowledge
- Sprinkler leakage
Do all insurance carriers cover vacant homes?
Vacant residential property insurance is a stand-alone policy that can be purchased by any homeowner who finds themselves in a situation where their home or property is going to be vacant. Many people will find their insurer doesn’t offer this kind of coverage. That’s where we come in. Our experienced insurance brokers will work with any client to make sure they have the coverage they need.