As winter sets in, weather concerns will often plague homeowners and investors. Snow caving into rooftops creates water damage, or rising river waters potentially flood nearby homes, for example. If you're a property owner, flood insurance is a smart way to protect your investment from devastating natural disasters.
Educate yourself about flood insurance and its costs so that you can be prepared this winter.
Homeowners are accustomed to purchasing household insurance, including flood coverage, so that their residence is secure in the event of an emergency. However, it's critical to read these policies and their limitations. If homeowners aren't living in the home, many policies void their coverage. The best way to avoid any household risks is by purchasing vacant home insurance.
When homeowners live in one property and rent out another, this second home isn't always full of tenants. There are times when the rental home is vacant for weeks or months at a time. Because property owners can't be present at both homes simultaneously, insurance companies offer some peace-of-mind with unoccupied property insurance. This policy type isn't familiar to every homeowner, however. It's important to know what kind of coverage comes with vacant home insurance to protect the owner's finances.