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.
Inexperienced homeowners and property investors will often look for an insurance policy that covers their structure and land. When an investor obtains a blanket policy, he might believe the coverage encompasses the items within the building, as well as the contents. Homeowners and investors may also search for unoccupied home insurance and/or vacant home insurance, which are not considered to be the same coverage when claims are submitted. Understanding the differences between the unoccupied home and vacant home insurance definition, policies and coverage is imperative to protecting assets.
Whether a homeowner is selling or renting a property, it may not be occupied at all times. The weather can change in an instant, especially in regions where hail and thunderstorms are common. If a hailstorm is approaching, homeowners want to feel confident about their property investment. Consider vacant home insurance to get the property through every hailstorm.