Understanding Home Insurance for Vacant Homes
There are many situations in which homes may be left vacant or unoccupied for a long duration of time. It's important to understand the intricacies of home insurance for vacant homes.
For example, you might be completing long-term renovations on a new home you’ve just purchased. Perhaps you own a home that you're looking to rent, but you haven't found renters yet. Or, the unoccupied home may be a vacation or seasonal house you only visit once or twice a year.
In all of these situations, it's important to remember two things. First, you still need home insurance for vacant and unoccupied homes. Second, special risks are associated with vacant and unoccupied homes; therefore, you may need to purchase special coverage for these types of properties.
What's Considered a Vacant Home for Insurance Purposes
Most insurance companies recognize vacant homes as unlivable. This means that the water, electricity, gas, and other utilities have been shut off. Most likely, all furniture, appliances, and belongings have been removed as well.
By contrast, unoccupied homes are technically livable; however, no one is actually living in an unoccupied home. In unoccupied homes, the utilities are turned on and ready to be used, and things like beds, tables and chairs, kitchen appliances, etc. are still in the home.
What is surprising to many homeowners is that a primary residence may be deemed technically “unoccupied” by the homeowner’s insurance company if the homeowners are not living there for a specific duration of time.
This specific length of varies by insurance company; however, most of the time, the cut-off is 60 days. In effect, this means if you leave your home for a 3-month vacation in Europe, your insurance company may realize your absence, consider your home “unoccupied,” and cut off your insurance.
Why Don’t Insurance Companies Want to Insure Vacant or Unoccupied Homes?
Insurance companies recognize that vacant and unoccupied homes carry specific risks that occupied homes do not have. For example, vandals, thieves, and other criminals are more likely to enter vacant and unoccupied homes than they are homes where people live.
Naturally, this puts these homes at risk for serious damage. For example, vandals may enter a vacant home and break windows or other things inside. Then, even more damage can occur by way of rain water, mold, pests, animals, and more getting inside.
This doesn’t mean you can’t have coverage for your vacant or unoccupied home, however. Brashears Insurance can help.
Home Insurance for Vacant Homes
It’s slightly harder to insure vacant or unoccupied homes, but it is possible. It's simply important to speak with your insurance provider to negotiate terms for these types of homes.
Contact Brashears Insurance Today
You can always speak to Brashears Insurance about home insurance for vacant or unoccupied homes. One of our experienced and friendly agents would be happy to sit down with you and discuss your options. Call today!