Home BuyingHomeownersInsurance

What is Vacant Homeowners Insurance and Why is it Needed?

I am sure you have heard of home owners insurance but not vacant home owners insurance. It is also called vacant home insurance, and it is a special type of insurance that is put on a building when the building is expected to be to be unoccupied for a period of 60 to 90 days. Each insurer’s policy differs, and it varies by state. A house that is empty for a long period of time is not often covered by the regular home owners insurance policy.

Most home insurance policies only cover homes which are occupied by the owners. A lot of home owners leave their homes every year for holidays and other things and believe that their homes are properly insured. That is far from the truth. Only certain policies might be covered when home owners are not home like vandalism. If your houses catches fire or something drastic happens, you will be at a great loss. Check with your insurance company to ascertain what type of policy you have.

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Some home owners have two homes, and some travel abroad during the cold season to warmer climates like the Caribbean Islands. A lot of other home owners constantly travel because of their business or their job takes them from one area to the next. In regards to older folks, they might decide to go into a care facility and leave their homes unoccupied just to return from time to time.

One of the reasons most home owners lose their coverage is mostly based on homes that are put on the market for sale. If there is no buyer and the house becomes empty for a long period of time, the house loses its coverage.

It is always important to notify your insurance company of any changes that will occur with your home. Most people leave their home uninsured unknowingly because they are not aware of the clause that stipulates that a house that has been left empty for a considerable amount of time loses its insurance.

If you know that your property is going to be empty in the near future, you need to inform your insurance company so that they can make provisions to provide you with a special type of insurance to cover your property when it becomes empty. Most times, the old policy will be canceled, and a new one will be created to suit your situation.

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