New Orleans & Metairie Vacant Property Insurance
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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.
Who Needs Vacant Property Insurance?
- Landlords, contractors, builders, and real estate investors
- When any dwelling or building remains vacant for a period of time (usually 60 days), some coverages no longer apply Check your policy.
- Homes and buildings that are for sale and have been on the market for a while.
- Rental property that has not rented in awhile.
- Vacant Lots: 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.
What Is Covered Under Vacant Property Insurance?
- natural and man-made disasters;
- wind and hail;
- civil commotion;
- malicious mischief; and
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.