Do you need vacant home insurance coverage? Find out what it is and whether or not you qualify for this important form of property insurance

 What is Property Insurance?

If you own a home or rent a home, you may have homeowner's or renter's insurance. If you don’t, please contact us today to learn more about the policies that we offer.

Property insurance protects your assets. It provides financial recuperation if your property is damaged. What is covered will vary by policy. Most policies can be tailored damage or loss in situations like:

• Fires
• Flooding
• Extreme weather events such as hail
• Theft
• Other risks

What is Vacant Home Insurance?

Vacant home insurance is coverage that protects your unoccupied property from certain damages just like a homeowner's and renter's insurance policies would. 

What is a Vacant Home?

A property is considered vacant when you no longer have personal property inside of the home that would make it to where the home could be lived in reasonably by anyone. 

When Should You Get Vacant Home Insurance?

You should buy vacant home insurance when you have a property that isn't being lived in. This sounds simple enough, right? Most people don’t see how this applies to them if they only own or rent one property. But there are in fact scenarios where this form of coverage applies to those of us who only own or rent one home. After you learn more, you may find that vacant home insurance is worth getting.

Why Is Vacant Home Insurance Worth Getting?

You may be surprised to learn how the reasons for getting vacant home insurance apply to you at this time, or that it may in the future. 

If they don’t apply to you today, keep them in mind for the future, and give us a call if any of these situations arise. The following are periods where vacant home insurance was a protection that applied to you.

 When you should get vacant home insurance: 

• If you move out of a home before it’s sold 
• You inherit a property
• You are a landlord and between tenants

Do You Really Need Vacant Home Insurance?

“Do I really need vacant home insurance included when I already have coverage for my home?”

We get asked this question when people learn that this form of insurance is available. 

You may not know this, but your normal homeowner’s and renter’s insurance does not include those gaps of time where you are transitioning between homes. This is because your coverage cannot cover two homes at the same time. This is why vacant home insurance is important to consider. It doesn’t cost the same amount as normal property insurance, and it is usually lower—especially if you already carry homeowners insurance. 

 The Real Value of Your Property 

It’s always a good idea to get property insurance whether you’re a homeowner or a renter. 

It’s common nowadays to own various possessions of considerable value—including inherited property that they may not have anticipated. Landlords may not realize that they’ve been leaving their properties at risk while between renters.

Imagine incurring significant damage or losing your home, investment property, or many of your possessions all at one time. Would it be difficult if not impossible for you to easily replace those things? 

If the answer is yes, take some time and re-evaluate what kind of property insurance you have or should get. If you’re considering vacant home insurance or any other kind of coverage, give us a call to go over your options.