What are the dangers of a vacant house?
Because there is no one to monitor vacant homes on a daily basis, they are more vulnerable to fire, floods, and theft. For example, if a heating system fails and a pipe bursts, the water damage may not be found for several days or weeks. The extended length of time can cause far more damage than if the problem was treated immediately. Another example is a full mailbox, an unmowed lawn, or other indications of vacancy on the property. In this situation, someone could break in, inflict damage, and steal appliances or furnishings. Not only are the hazards greater, but so is the amount of coverage required.
Why is it necessary to insure a vacant house?
Because home insurance only covers occupied homes, you will need vacant home insurance if your home will be uninhabited for an extended period of time.
What is covered by a vacant home insurance policy?
Depending on your coverage selections, an empty home insurance policy may cover specific dangers such as fire, flooding, wind, hail, and theft. If your home is damaged or destroyed, it may also cover the costs of repairing or replacing it. Furthermore, it may cover liability claims for which you may be held liable, such as bodily injury or damage to someone else's property.
Criminal acts such as vandalism and other property destruction can also be covered. The crucial thing to know is that your standard house insurance policy may deny coverage if the home is vacant at the time of the loss. That is why it is critical to have the proper policies in place. Another consideration is that, like any other insurance policy, the policy must be in existence before an occurrence occurs in order to be covered.
Examples of how insurance protects vacant homes in the real world.
The same dangers that threaten homes and other buildings also threaten vacant homes. However, certain risk factors are more likely to occur in abandoned dwellings. The previous owners of a foreclosed home may break into the house and ruin the interior. A minor fire could start and cause damage to surrounding properties before being extinguished. Appliances and fixtures may be taken from a home that is being renovated. These are the kind of dangers that a vacant home insurance policy may cover.
Do you own a house that is currently vacant or will be soon? To preserve your investment, you may require vacant home insurance. Please contact us to discuss your insurance alternatives.
