Vacant Home Insurance
Lots of homes don't qualify for standard insurance for many reasons. We represent several companies who offer specialized coverage developed for the unique insurance needs of a vacant home and its owner. Homes in the Vacant Program can be for sale, in the name of an estate, or under renovation.
It may be cheaper -- and safer -- to keep a home for sale occupied, especially if it doesn't sell soon enough.
With swelling inventories of vacant homes on the market, more and more home sellers are learning the hard way -- your homeowner's insurance policy can expire if the home is vacant for more than 30 days.
Insurers put a higher risk (and cost) on insuring vacant homes for the same reasons some owners are discovering -- theft, vandalism, fires and water damage are more likely to happen in an empty home.
The damage is also likely to be worse because there's no one around to report it or stop it.
"You also have a liability problem because the word goes out, 'Nobody lives there. . . . . .
Is Your Home Rented?
Renting out your house may invalidate all or part of your current homeowners insurance. Did you know that even if you have coverage, it may not include the correct personal liability coverage to protect you from lawsuits from your tenants? In most cases, we can offer you a policy that covers your home while it is rented, and while it is vacant and awaiting a tenant, as long as you notify us whenever the occupancy changes from rented to vacant, and vice versa.
Unfortunately, vacant homes are at much greater risk of vandalism, fire, and water damage losses. For this reason, owners are faced with a double whammy…reduction in coverage, and higher premiums related to Vacant Dwelling insurance.
This information is general information to help you understand the different types of coverages. These descriptions do not refer to any specific contract of insurance and they do not modify any definitions expressly stated in any contracts of insurance. Please speak to one of our licensed insurance representative and read your policy contract to fully understand your coverages.