Do You Own A Vacant Home?
· by Matt Fox · posted March 21, 2008
· filed under Homeowner, Personal Insurance category.
The change in the real estate market has caused some people to move and vacate their previous home while leaving it on the market. Or, they have listed the home for rent and are unable to find a renter to lease.If your home is vacant you need to make sure your policy is up to date. A homeowner insurance policy or landlord insurance policy will not provide coverage for vandalism and malicious mischief when a dwelling has been vacant for more than 60 consecutive days before a loss. With many ‘on the corner’ insurance companies, vandalism and malicious mischief is excluded if it’s vacant for only 30 days.
This may not seen too important because if your home is vandalized you may be able to repair small damages. However, if the vandals decide to take the lighter fluid they found and set the home on fire as they’re leaving, you have no coverage and a totally destroyed home!
A second (or third) home is not considered a vacant home/dwelling. Since you usually have furniture and keep it in good condition to visit frequently, it’s considered an occupied home for insurance purposes.
Now, if it really isn’t a second home and the home is vacant, you need to buy a vacant home policy. There are companies that provide policies specifically for vacant homes. Vacant home insurance policies are usually very competitively priced to a homeowner policy. This is what these insurance companies specialize in writing and they do it well.
If you have a vacant home and are slightly unsure what to do, contact your agent. They can tell you what meets their insurance company’s guidelines and then you’ll know how to proceed.
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