Many homeowner insurance policies have vacancy stipulations built into their them. Most of these provisions will become effective after the home as been unoccupied for 30-60 days. By leaving your furniture and valuables in your home, but no longer living there, will still be viewed as a vacant property. Most companies consider a home unoccupied or vacant when there are no human inhabitants residing in the home. If you do not notify your insurance company or agent that the property is going to be vacant/unoccupied you may find there is no coverage at the time of loss.
Vacant property insurance will cover your home on a named peril basis. This means coverage for the following “perils” fire, explosion, lighting, windstorm, and hail damage. Which are specifically named in your policy and subject to exclusions and conditions within the policy.
It is very important that when purchasing vacant property insurance, that you understand most companies who do write this type of insurance will exclude theft. If someone breaks into your home and steals anything out of it, the minute the items leave the premise, it is considered theft.
Make sure that your vacant policy includes vandalism and malicious mischief. There is an extra charge for this coverage but it is well worth the cost. Vandalism coverage will cover your home for damages done to it, if broken into.
Some way to discourage vandalism of vacant homes is by asking a neighbor to park a car in your driveway, have someone pick up your mail, or install motion lights.
September is Life Insurance Awareness Month.
It’s the perfect time to remind ourselves to plan ahead for the ones we love.