If you own a home or commercial property, you almost certainly have homeowner’s insurance or commercial property insurance. But what if residential or commercial property you own becomes vacant? That can change your insurance needs. You’ll need to secure Vacant Home Insurance.
Homes become vacant for many reasons. A parent or grandparent is living in a nursing home but doesn’t want to sell their house. You’ve inherited a vacant property you plan to sell. You’ll be traveling for an extended period. You’re a landlord and a rental property becomes vacant for an extended time, perhaps while you’re remodeling it. The list goes on and on.
Vacant homes and commercial properties tend to be subjected to more risks than occupied ones. Vandalism. Liability if intruders get hurt and sue you. Increased fire danger. And more.
Some typical homeowner’s or commercial property policies don’t cover these risks on vacant property. And many insurance companies won’t cover vacant property, residential or commercial.
But we do. We offer flexible payment plans and a pro-rated cancellation. This comes in handy in case you move back into the home, sell it, find a tenant, or want to cancel for some other reason before the term of your policy is up.
If your vacant home is destroyed by a covered loss, you receive the full amount of insurance you purchased on your home, minus any applicable deductible. In the event of a covered partial loss, your vacant home insurance covers the cost to replace or repair your damaged property, with a deduction for depreciation reflecting the age and condition of your property, minus any applicable deductible.
If you’re a landlord and your property goes vacant between tenants, you can cover it with a Vacant Home policy. When someone moves in, we can easily convert it to a Landlord or Owner-occupied policy, all without having to cancel the policy or write a new one.
Looking for help choosing the right Vacant Home insurance for your property? I can help. You can reach us at 303-922-1001.