When leaving your house for an extended period of time without the intent of returning immediately, vacant home insurance can offer much-welcomed security.
A house can be left vacant for many reasons. Perhaps a new house was purchased before selling the old. Maybe you’re out of town on business or vacation for a long period. Or due to health or structural reasons, the house is temporarily uninhabitable. As a result, your newly-empty house poses numerous vulnerabilities, and investment in vacant home insurance can prove to be wise.
A vacant house is often exposed to increased risk and, under most homeowners insurance plans, is not covered due to abandonment or neglect. Hence, the existing homeowners policy may not cover damages while you are not living at the residence despite still paying homeowners insurance.
Occasionally, a vacant house may attract certain undesirable crowds depending upon the area in which the house is located. If somebody enters the house while the owner is no longer present and injures himself, the homeowner may still be held liable. This can be an extremely costly happenstance.
What kind of coverage do I get?
Vacant home insurance policies generally run for about three months to a year and the price varies upon the risk and region of the house. Some of the coverage includes:
- Peril coverage – fires, lightning, windstorms, etc.
- Vandalism and malicious coverage
- Liability coverage
- Pro-rated cancellation
- Actual cash loss value/settlement
This coverage can easily go the distance when the home you are leaving is going to be vacant for a period of time.
A regular homeowners insurance policy may not cover instances if you leave before selling to property outrightly. Looking into vacant home insurance can be most beneficial.
For more information on vacant home insurance and to get a quote today, contact the team at Burkhart Insurance now.
Photo Credit: CC Image Courtesy of Karen