Do you have a vacant property? Has it been vacant for more than 30 days? If so, you may not have insurance coverage.
Some insurance companies cover vacant properties for up to 90 days. Ask your agent about your vacancy coverage.
Vacant house insurance is generally more expensive than regular homeowners insurance for a number of obvious reasons. First, there’s no one living in the house to watch and protect it. Vacant properties tend to be a target for thieves, vandals and vagrants. And, the potential for water damage and infestations of animals or insects goes up.
If you can have someone check on the house daily, the risk factor of insuring the home decreases significantly. Also, if you can maintain active security systems, your property is more protected and your insurance rates are lower.
Be aware that your vacant house shouldn’t look as if it’s vacant. Have someone take care of the exterior, mowing the lawn, picking up mail, turning on lights, even parking in your driveway. This will make your vacant house look occupied.
Not all insurance companies insure vacant houses so check around. I looked online and found an insurance company who does, Foremost. They offer “specialized coverage developed for the unique insurance needs of a vacant home and its owner.” They accept vacant homes valued up to $1 million, and there is no restriction on the age of the home.
VHIN is another company I found through a quick online search. VHIN is an independent insurance agent that “represents major insurance companies who provide a unique vacant home insurance policy created for a residence or building that is vacant or empty and that needs to be insured for over $150,000 in value, and for over three months.”
If your home has been vacant for more than 30 days and you have a claim, your company may not cover the damage. Check with your insurance company ahead of time to be sure.
