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What is Vacant Property Insurance?

  • Vacant Property Insurance is used in consideration of property where there are no possessions pertaining to activity or occupancy and the property is not in use.

  • Most insurance companies will allow you a small window of time for a house to be vacant, usually 60 to 90 days. After that period, they can cancel your house insurance policy. Our property specialist can assist you in determining when your coverage will cease.

  • The problem with insurance companies continuing to insure vacant homes is that it becomes a target for thieves, vandals, and house fires. It is easy to understand that if property is unoccupied there is no one there to protect your property by making a quick call to the fire department or in the event of a police department incident.

  • You may purchase vacant property coverage based on how long you think the property may remain vacant. Coverage can be purchased for one month, three months, six months, or one year. For the most part, these policies are fully earned and cancel when property becomes occupied.

    frequently asked questions regarding vacant property insurance

When is Vacant Property insurance needed?
   

  • Homeowners, landlords, contractors, builders, and real estate investors need Vacant Property insurance.
  • When property goes vacant for a period, primary coverage cancels usually within 60 days; check your policy.

  • Houses that are for sale but have been on the market for awhile need coverage.

  • Rental property that has not rented in awhile.

  • Vacant lots can also be hazards for liability issues in the event of an accident. Vacant lots attract neighborhood children that can become injured on your property. For more information on Vacant Lot insurance visit our website under Premises Liability Coverage, which covers vacant lots.

VACANT LOTS

What’s Covered?
   

  • Natural and manmade disasters;
       
  • fire;
       
  • lightning;
       
  • wind and hail;
       
  • civil commotion;
       
  • liability;
       
  • vandalism;
       
  • malicious mischief; and
       
  • theft.

Other Factors to Consider:
   

  • Because of higher premium for vacant property coverage, you should try to make its vacancy time as short as possible.
       
  • To lower your risk of vandalism claims, your vacant house should not look vacant.
       
  • Maintain the property by taking care of the outside of the house (by mowing the lawn, picking up the mail, turning on lights, and even parking a vehicle in the driveway); this will make the vacant house less attractive to vagrants and vandals.
       
  • Hire or ask a family member to become a house sitter during the vacancy.