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No More Mistakes With Vacant Home Insurance: Protect Your Home From Afar

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Do This One Thing Before Leaving on Vacation to Protect Your Home

Vacant homes aren’t just collecting dust. They’re also a huge liability should anything go wrong. And the funny thing about vacant homes is that things tend to go wrong when there’s no one there to prevent fire, water damage, vandalism, and more.

That’s where vacant home insurance comes in. But, how does it work? And do you really need it? We’ll dive into that and more below.

What Is Vacant Home Insurance?

Vacant home insurance is a type of insurance policy that protects homes that sit unused or vacant for an extended period of time. Consider it a form of homeowner’s insurance for a vacant home; even though no one is currently living there, that doesn’t mean it doesn’t need to be protected.

In fact, vacant homes are seen as riskier to insurance providers because they’re more vulnerable to theft, vandalism, and damage than occupied homes. For this reason, normal homeowner’s insurance doesn’t apply and you’ll need separate unoccupied home insurance. Without out, your insurance claims could very likely be denied, leaving you on the hook for any damage.

Keep in mind that vacant house insurance is different from vacation rental insurance for owners, which would protect you from damage caused by people renting your home.

How Vacant Home Insurance Works?

If you’re planning to be away from your home for some time, you’ll want to ensure you have vacant house insurance. This means that no one is staying in the house and there’s often no personal property left, usually for 30 days or more.

Vacant home insurance covers many of the same perils that homeowner’s insurance does, including:

  • Fire
  • Smoke damage
  • Theft
  • Vandalism
  • Hail 
  • Explosion
  • Water intrusion (like leaky pipes) 
  • Lightning 
  • Windstorms

The exact coverage will depend on the provider and policy, and there are certain hazards that might disqualify a home or increase the premiums, like a swimming pool or trampoline.

Vacant home insurance can cover houses, condos, townhouses, duplexes, and even anchored mobile homes.

The Cost of Vacant House Insurance

The exact cost will depend on a range of factors, including the location and specifics of a home, how long it will be vacant, and more, but you can expect a vacant house insurance policy to be pricey. In fact, they often run for 1-3 times more than a homeowners insurance policy.

The good news is, many providers offer short-term or prorated policies that let you pay only for the periods your home is vacant.

Do I Need Vacant Home Insurance?

Vacant home insurance is most commonly purchased by those flipping homes, landlords that are between tenants, homeowners that are vacationing somewhere for a few months, and those that are selling their home after already vacating it.

But even if you’re leaving your house empty, you may not need vacant house insurance. You’ll want to check your homeowner’s insurance policy first to see if you’re already covered. Some policies allow you to leave your home vacant for up to 30 days and still have coverage while others give you up to 60 days.

Unoccupied home insurance is a smart idea if you’re going to be leaving your home empty. Not only is a vacant home enticing to thieves and vandals, but there’s also no one there to report a fire or water damage before it gets worse. Vacant house insurance can help you avoid footing the bill for costly damage that could go weeks or months before being discovered.

The Truth About Vacant Home Insurance

When it comes to vacant house insurance, it’s better to be safe than sorry. A vacant home is a liability and a significant one at that. While unoccupied home insurance can be pricey, you can still get the best deal possible by shopping around for multiple quotes and by taking advantage of discounts like a multi-policy insurance rebate.

But at the end of the day, protecting such a large investment like a home or condo should be taken seriously, and vacant house insurance can help you do exactly that.

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