Owners of vacant homes often fail to realize the jeopardy they are placing themselves and their homes in when they leave them uninsured. Many homeowners don’t clearly understand the provisions outlined in their homeowner insurance policies, which normally state that they will not cover a home that is not being lived in. Leaving your home unoccupied is dangerous and can leave it susceptible to theft, vandalism, and other damages. And not having proper insurance on a vacant home means that you’ll be personally responsible if anything and everything goes wrong.
Is it really necessary?
The need for vacant home insurance is more prevalent now than at any other time in history, primarily due to the decline in the international housing market. More and more homeowners are finding themselves in positions that require them to obtain vacant home insurance, and while it can sometimes be difficult to obtain, there are insurance companies that do provide this form of unique protection in Australia.
Who should have vacant home insurance?
Vacant home insurance is ideal for homeowners who:
- Have two or more homes
- Those who travel a lot for business or pleasure
- Have moved into assisted living centers
- Have recently died and the home is now unoccupied
- Are in the process of moving
- Have a home that they are remodeling but not yet living in
- Are selling their home
If you are in any of these positions, purchasing a vacant home insurance policy is critical and should be done as soon as possible to avoid any potential catastrophes.
What you should know about vacant home insurance?
- Most insurance companies will not insure vacant homes- Many insurers steer clear of providing this type of insurance simply because the risks associated with insuring a home that is not occupied are so high.
- The costs of a policy can be very expensive-You can expect to pay significantly more money for a vacant home insurance policy because of the risk associated with insuring it.
- Many companies offer limited coverage- The more coverage you want, the more you can expect to pay, as many insurers offer minimal coverage on vacant home insurance.
- You should purchase it before your regular homeowners policy expires- Most homeowners insurance policies expire between 30-90 days after the home is left vacant, which means that you should purchase your vacant home insurance policy before this timeframe in order to guarantee that it will be activated in time.
Don’t risk your home to the unexpected, get vacant home insurance today.