Many homeowners live under the illusion that their homeowner’s policy will remain active while they’re away. The truth is that your homeowner policy most likely will not provide coverage if you leave your home unoccupied and unattended. If something happens, such as an accident in which losses or damages occurs, insurance will most likely not cover it.
So what alternative do we have in the name of protection you ask? The best alternate option for such situations is a vacant property insurance policy. For times like these, this policy will cover any expenses your other home insurance policy will refuse to cover while you’re away.
We can describe such a policy as a specialty product that assures you of financial protection if your home suffers damages or loss during inhabitation. It’s not uncommon for unexpected incidents to occur in unoccupied homes. Some examples here include liability, vandalism, fire, hail, and other types of exposure.
Vacant property insurance on the other hand, is a separate policy or endorsement you can say. You can either buy it separately in which case you may not need a standard homeowner policy, or as endorsement. As an endorsement, the policy merely becomes an add-on to your existing homeowner policy, which is quite beneficial.
To determine this, it’s best observe your lifestyle pattern. Is it common for you to leave your home vacant and unattended for long periods? Perhaps your work requirements or lifestyle take you away from home for long? If yes, then it’s best you opt for this policy.
You see, vacant homes are riskier to insurance companies because the response time is slower in emergencies. When there is no one at home to report one of these incidents immediately, the unoccupied home can suffer significant damage and loss.
Hence, if you often leave your home for thirty days or more, it is best to purchase vacant property insurance. Here are the kinds of situations that would require purchasing a vacant home insurance policy:
An unoccupied home is one that is fully functional but there are no occupants residing in it for 30 days or more. If this applies to you, getting vacant property insurance is a wise investment. Incidents and accidents can happen at any time, so it is wise to protect yourself in these situations.
Unoccupied and Vacant Home Insurance: What Is It and Do I Need It?