The Basics of Vacant Property Insurance

Properties left unoccupied or vacant for an extended period of time are typically not covered by homeowners insurance. This puts you and your investment at risk. Luckily, some companies offer specialty insurance policies that will help put your mind at ease. Here’s what you need to know about vacant property insurance. 

How do I know if my property is “vacant”?

When homeowners leave a property alone for an extended period of time, the risk of something happening without you knowing goes up. In fact, some homeowners policies do not apply if your property is unoccupied for more than 30 days at a time. Be sure to look at your insurance because every policy is unique! 

What does vacant property insurance cover?

Vacant property insurance can cover all kinds of properties with specific coverages varying among providers. Maybe you just bought a new house but won’t move in for another few weeks. Maybe you own a vacation home but only have time to visit once a year. Or maybe your job keeps you on the road for long periods of time. Specialty property insurance provides coverage for cases like this, and more!

Why you need specialty property insurance

Fire, vandalism, and general liability are all bigger risks for vacant properties than occupied homes. As a result, it is extremely important you consider replacing your homeowners policy with specialty insurance. No matter what, take steps today to ensure your property is fully covered!

Where can I find the insurance I need?

While many insurance providers offer vacant property policies, you need to make sure you find a company that suits your needs. For example, some insurers offer discounts if you take certain steps to protect your vacant property. Installing an alarm is one such option, though make sure you discuss this with your insurer beforehand.