If your home is left unoccupied for weeks or months at a time, your standard homeowners insurance policy might not provide coverage in the event of a claim. Any damages or losses that occur would have to be paid out of pocket unless you have vacant property insurance. Unoccupied and vacant homes present a greater insurance risk than an occupied home. The emergency response time is slower and there is an increased probability of a break-in occurring. This increased risk has resulted in the exclusion of these properties in a standard homeowners insurance policy.
If you own an empty or vacant house, you should purchase vacant property insurance to protect yourself and your home. Generally speaking, if your home is left unattended for 30 days or more you’ll want to purchase vacant property insurance. Before leaving your home vacant for an extended period of time, you should contact your insurance agent and discuss how your insurance carrier defines vacancy. Below are some scenarios where a homeowner might find the need for vacant property insurance.
- You own a vacant home that you only visit a few times per year.
- You’ve purchased a home, but won’t be moving in for several weeks.
- You’re constantly traveling for weeks at a time.
- You’re remodeling your home and won’t be living there during renovations.
- You’re renting out your home and you’re in between tenants.