Searching for Unoccupied Home Insurance

unoccupied rental insurance

Searching 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 by purchasing Unoccupied Home Insurance.

Let’s discuss what to look for when searching for the best real estate investor insurance unoccupied home policy. Unoccupied 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.

unoccupied home insurance what to look for

If you know you will have unoccupied 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.

Know The Definition of Unoccupied Home Insurance

A typical homeowner’s insurance policy will not cover claims if the home is left vacant between 30 and 60 days. If the home is vacant longer than 60 days, the insurance company may cancel the policy completely. When it comes to property insurance, it’s very important that you understand the terms of your insurance policy and know when it’s time to start shopping for the appropriate vacant house insurance policy.

Think About Short Term Coverage Options

Many insurance companies will allow you to purchase blocks of insurance in three, six or nine-month increments. This is beneficial if you are trying to sell your home, and need it to be completely covered while it’s on the market. You can always extend the coverage if you need to, or you can cancel it when the home sells.

what to look for when searching for unoccupied home insurance

Keep Up With The Home Maintenance

Insurance companies are generally skeptical enough about providing coverage for a vacant home. You don’t want to give them the opportunity to deny a potential claim because you haven’t kept up with the maintenance. Homes with overgrown shrubs, boarded windows, broken glass or other similar characteristics are targeted more by burglars than well-maintained homes. Some property insurance companies may even require you to take out valuables and only leave essentials in the home while it is unoccupied.

Resist The Temptation of Going Uninsured

Property owners sometimes get tempted to not inform their insurance company that they will have an unoccupied home for an extended amount of time. They just hope for the best. While the risk may pay off if nothing happens, the risk of having to pay for all damages and lost assets is much greater.

At APIA, we are happy to share our knowledge with anyone who calls. For more tips like these, and to find the best landlord insurance coverage options, be sure to contact us.

For more information about APIA and their insurance options, Call Us 1-877-752-2742  Mon-Fri 9:00am-4:00pm (CT)