Whatever the cause is for your vacant home, Team Insurance has the right policy for you.
Ever wondered, when do insurance companies consider a home vacant? Here is the answer: when you leave your home for 30 or more days, it may be considered “unoccupied” or “vacant.” If you remain outside of your home for weeks, your Homeowner’s Insurance can potentially be voided. Moreover, it is way more difficult to find a Vacant Home Insurance compared to usual homeowner’s policies, because vacant property is more at risk for theft, vandalism, weather damage, fire, and other perils. If you already have a homeowner’s insurance policy, make sure to speak with your provider before leaving your home for extended time. If you are looking for vacant property insurance, Team Insurance is an independent insurance agency specializing in vacant house insurance that can assist you with finding the best rates on vacant land insurance by browsing the quotes from the most reputable agencies across the country. Contact Team Insurance for a quote on the homeowner’s insurance for vacant house.
Unoccupied vs. Vacant Home
To learn what is unoccupied and vacant home insurance, it is important to understand that for insurance companies, the definitions of unoccupied and vacant home are different. Unoccupied home is when the property is left in the same state as it was, including personal belongings, as if the owners of the home will return to it at any point in time. In an unoccupied home, appliances are functioning as normal and the utilities are on. This can include such situations as when the owner of the home is on vacation or in the hospital, applying a limited home renovation which does not involve moving out furniture and personal property, or if the home is suitable for occupation immediately after move out. A home is defined as vacant when it is completely empty, and there is no personal property inside. If the property is being rented or is on sale, the utilities may be turned off as well. Vacant homes present higher risks for insurers, and this is why the average cost of vacant home insurance is higher than the average cost of regular homeowner’s insurance.
What Does Vacant Home Insurance Cover?
Homeowner’s vacant home insurance is designed to protect your financials in the event of damages to or loss of your vacant property. Typical homeowner’s insurance does not cover the accidents that happen in your home while you are away for an extended period, but insurance required for vacant home will provide coverage in those situations. You can purchase vacant property insurance as an endorsement to your existing homeowner’s insurance or as a separate policy.
Home insurance for vacant homes policies protect your vacant property from a variety of exposures. To know what does home insurance for a vacant property usually cover, it is best to consult your insurance provider or speak to a licensed independent agent. Generally, vacant home insurance coverage includes the following:
- Liability protection – in the event you are legally responsible for someone’s injury or property damage at your vacant property, the policy will cover the costs and lawsuit expenses.
- Vandalism & malicious mischief coverage – this specific coverage against malicious mischief and vandalism is not available on every home insurance for vacant houses policy, so you should consult your insurance carrier to make sure such coverage is included.
- Named peril coverage – perils, such as weather damage, fire, and explosion, are listed on your policy and covered subject to conditions and exclusions.
- Total loss, or agreed loss settlement – in the event of a total loss, meaning your vacant property is completely destroyed in a covered accident, the full amount of insurance purchased on your home is returned to you, excluding deductible.
- Partial loss, or actual cash value – in the event of partial damage to your home, the policy will cover the costs needed for repairs or replacement of your damaged property, excluding deductible.
- Landlord flexibility – this policy is not available in every state, so it is important to check with your state authorities or insurance carrier whether your vacant home policy can have landlord flexibility option added. This coverage comes to play if your rental property is vacant between tenants.
- Full 12-month policy – convenient payment plans are offered by many reputable insurance agencies offering home insurance for a vacant home. This coverage helps if you decide to move back into your home, rent it out, or sell the property, before your policy is up.
How Much Does a Vacant Home Insurance Policy Cost?
Large national insurance companies usually offer liability insurance on vacant land. However, many insurers do not offer insurance for vacant house because it is riskier than a regular homeowner’s policy since you will not be in the house to verify its condition most of the time. How much more will insurance be on a vacant home? Some insurers charge almost two times more for vacant insurance than they would for a regular homeowner’s policy. Why is vacant home insurance so expensive? It is because of the above mentioned risks. Insurance carriers prefer “safe” customers, meaning those who are less likely to file a claim on their policy. When it comes to a vacant home, you are not in as much control over what is happening with your house as when you are in it, so the vacant property insurance cost can reach around $1,500 a year.
How to Save on Insurance on Vacant House
The best way to save on insurance for vacant house is to shop around. However, going to individual websites of the insurance providers and filling in your information on each, or making dozens calls to get a quote, can be overwhelming. Our independent insurance agents at Team Insurance can do the work for you at absolutely no cost. Our licensed professionals will find out for you what insurance company offers vacant home insurance and browse multiple quotes in order to get the best rates on your insurance on vacant home.
Ways to Protect Your Vacant Home after Moving
While you are still waiting for your house to be sold, there are ways to protect your vacant property. In order to reduce the risk of theft, vandalism, weather damage, or system failure, take these steps to protect your financials.
- Communicate with the people you trust, like relatives or close friends, and ask them to check on your vacant home from time to time. Make arrangements with them to park their cars on your property at times to make the house look occupied and ask them to contact you right away if anything seems out of the ordinary on your vacant property. Also, make sure to notify the local police and fire departments about your vacant home and leave them your phone number so they can reach you in case something happens to your house.
- Take care of the home’s exterior. By maintaining the exterior of your home, you make people believe that someone lives in there and that the home is not empty. Check the lights on the exterior of your home to make sure they are working properly. Have your lawn mown in warm months and driveway shoveled in the winter months. If you see any tree branches that threaten to fall and cause damage to your house or outside property, make sure to have those trimmed. In order to avoid water damage, clean out clogged gutters.
- Secure the interior of your home. Have deadbolts installed on exterior doors and make sure the windows are securely locked. Check your thermostat in case the batteries need replacement and set it at a constant temperature. Make sure that pet doors are sealed in order to keep pests and intruders away from the house.
- When you do not use your property on a daily basis, it makes sense to enhance the security of your home. Entry alarms and motion sensors should be added to your security system, along with the timers that can be set for lights and electronic devices to create an impression of an occupied house. Close the curtains and blinds so that the people passing by cannot look into the house.
Get in Contact:
If your home is vacant for more than a month, your homeowner’s insurance may not provide coverage for the losses that occur during the time when your house is vacant. Our licensed agents at Team Insurance will find out which insurance company has the best rates for vacant home policies.