What is Vacant Property Insurance?
People own unoccupied homes for different reasons. You may be living elsewhere while doing renovations, or you may be traveling for an extended period of time. You may have put your home on the market and left it vacant after you moved into a new house. If your home is unoccupied, certain coverages may be limited on your homeowners policy. At that point, you may need vacant home insurance to cover your liability risks. Vacant properties are highly susceptible to trespassers, theft, vandalism, insect infestations and frozen/broken pipes. Your property will qualify as vacant if, for instance:
- It is vacant for a minimum of three months (up to 36 months with some carriers/types of properties).
- It is an unoccupied home/property actively on the market.
- It is a property in foreclosure.
- It is vacant and under renovation.
Some carriers will over additional coverage for vacant homes under an existing homeowners policy. Consulting with a personal lines specialist is the best way to know your options and find the best coverage.