Vacant or abandoned homes are at risk of theft, vandalism, and natural disasters, making vacant property insurance necessary. Traditional homeowners insurance policies may not cover vacant homes, so it’s important to convert to a vacant property insurance policy. Vacant homes are attractive to criminals, and damage may go unnoticed, so it’s important to notify insurance agents before leaving.
Homes that are vacant or abandoned may be subject to loss from theft, vandalism, or natural disasters, so homeowners may consider purchasing vacant property insurance to cover these things. This type of property insurance generally covers loss of property as long as it is not lived in as a full-time residence. An example of this could be a vacation home or a house that is for sale. Many homeowners insurance policies lapse after the property has been vacant for some time, which means that it could be very important to convert an existing policy to one of these types.
Vacant houses are often attractive to vandals and burglars because these criminals often feel there is little danger of being caught entering an abandoned building. This can mean that the risk of loss can increase significantly once the owner leaves the premises for more than 30 days. Additionally, vacant homes are still subject to wind and hail damage just like other homes. If such damage occurs, the owner may not notice it for some time, so the initial damage may worsen over time. Many traditional types of homeowners insurance require claims to be filed within a few days of the loss, which means these things might not be covered unless an insurance agent issues a vacant property insurance policy.
There are many reasons why a home could be vacant, which is why it is necessary that it be covered by a vacant property insurance plan. A common instance is when vacationers buy a second home for vacations or as a summer residence. An owner may also need to relocate, leaving the property vacant until a buyer is found. At other times, an owner may die and the property may lie vacant until the estate is settled. Regardless of the circumstances, if a home is abandoned, it will generally not be covered by an existing homeowners insurance policy, unless there is an addendum that allows it.
Since abandoned property generally carries a higher risk of loss, many insurance companies automatically convert a standard policy to a vacant property insurance rider once a home has been vacant for 30 consecutive days. It can be very important for residents to notify their insurance agent before they are away from home any longer so that any necessary adjustments can be made. A claim may be denied due to lack of coverage if filed under a traditional policy as long as the home has been vacant for a specified period of time.
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