23 May
What to Keep in Mind as You Search for Unoccupied Home Insurance
When you’ve left one of your investment properties unoccupied, it’s imperative that you ensure the property has sufficient insurance coverage. Vacant homes are generally targeted more than other homes, so they carry more risk, which makes finding proper coverage more difficult than simply searching for the right homeowner’s policy. If you know you will have vacant properties in your possession, you should take the time to consider all your unoccupied home insurance options. Here are some things you should keep in mind when searching for this type of insurance.
Owning a second home or multiple homes can be a great luxury. But, whether the properties are non-owner occupied (rented) or vacant, REO insurance is a necessity for one’s investment properties and the process of insuring these homes can introduce many challenges. One should never assume his primary homeowner’s insurance policy will allow for additional homes, because generally it won’t as there are usually vacancy clauses in the homeowner’s policy. An investor can navigate the choppy waters of owning multiple properties by following these survival tips.