11 Mar Vacant Homeowners Insurance
If your home is vacant, in the event of an emergency, many policies covering that home will be voided. Purchase vacant home insurance to avoid the risk. When is vacant..
When Is Vacant Home Insurance Necessary?
Any time a home will be vacant for an extended amount of time, a
homeowner should purchase vacant home insurance. For example, if
the home will be vacant for at least four weeks before tenants move in, it would be wise to have the vacant house covered. Unexpected events can easily occur within a short time frame. It is possible to purchase home insurance for as little as one month’s time, so a homeowner doesn’t have to worry about potential loss.
Accidental Damage Situations
Despite a careful inspection by the homeowner, before locking the property up tight, accidents can still occur. An electrical short inside the walls could ignite a fire. The flooring could be damaged by a heavy rainstorm or leaky hot water heater. Had the homeowner been on site, he could have stopped these situations from worsening. Fires and floods can quickly take their toll on an unoccupied property. Vacant home insurance would have covered these instances.
Intruder Coverage
Empty homes invite intruders. Even though an intruder breaks in, if he is injured, anywhere on the property, he has a right to sue the homeowner for damages. Avoid lawsuits by purchasing vacant property insurance. If a suit is brought against the homeowner,
the insurance will cover some or all of the costs.
Costly Vandalism
When a home is unoccupied, vandalism can occur at the property. Graffiti, broken windows, and other damages may invite intruders and more vandalism. Take care of any property damage that occurs with our unoccupied property insurance. Homeowners can hire contractors to take care of the damage without any out-of-pocket expense. Paying for damages, without insurance, is incredibly expensive. Vandalism can happen at any time, so it’s important to keep coverage, until tenants are permanently moved in.
Taking Care of Business Means Getting Vacant Home Insurance to Avoid the Risk
Read through every vacant home insurance policy that’s placed on a property each year, so that you know exactly what is being covered. A properly worded vacant home insurance policy can protect you from significant financial loss. In the end, it’s worth the extra monthly cost for this insurance type.
Let Us Help:
Property owners can find an experienced insurance agent, who deals exclusively with vacant home insurance, at Asset Protection Insurance Associates (APIA). We are professionals who understand this unique insurance niche and can give you assurance that your investment is safe, when you aren’t nearby.
“Vacancies can be an issue for real estate inventors. We custom built a policy just for them, so we made sure that it included a provision for vacancies to give them peace of mind. We require policy holders to complete a simple monthly checklist to verify their properties are secure,” said APIA President, Shannon DeLaune.
Owning real estate is a privilege that must be protected with adequate insurance coverage. Let us help you with that!
Questions? Contact us. We can help.