Do You Need to Insure a Vacant Home?
If you currently are waiting to sell a house, or have recently inherited a house, you may find yourself with an empty house and be confused as to whether you need homeowner's insurance or not.
Empty houses are often the targets for break ins, vandalism, and juvenile delinquents.
They also deteriorate faster than an occupied house as a rule.
So in short, you absolutely need insurance while your house is unoccupied.
Insurance companies know all of these facts, and as a result are understandably very hesitant to insure an unoccupied house.
If you have had insurance on the home while you lived there and it is now empty, should your insurance company find out they are likely to significantly increase your premium or cancel your insurance outright.
The first question that needs to be addressed is why is your house vacant? If you inherited the house you need to decide what you plan to do with it sooner rather than later.
If you are leaving it empty for a short period of time while you find a renter or move into it yourself, chances are you are okay with not informing your insurance company.
However, if the house is part of a lawsuit over ownership in the lack of a will and may be empty for a long time, you need to act on that with your insurance company.
If you have already moved out of the home and plan to sell it, the real estate agent's sign in the yard is like an invitation to criminals, and you should tread carefully with your decision.
The best thing to do to prevent problems with vandals or thieves is to make your home look occupied.
Hiring a landscaper and a cleaning person to come and do upkeep on the property will make your house seem occupied and this is very favorable to your insurance premium rate.
Your insurance agent will want to know how often the house is checked on and what your plans are for the home moving forward.
If your house is completely empty with all furnishing removed you will have more challenges with keeping a low premium rate than if your house is fully furnished and just not being lived in.
If the house will be empty for a significant amount of time it is advisable to rent it out or have a house sitter stay with the house or at the least have a security system installed.
A caretaker that stays at the house every few days, gets the mail and keeps the maintenance done on the property will most likely count as an occupant for insurance purposes.
Safety devices such as smoke alarms, sprinkler systems, monitored security systems and video surveillance will all help lower your premiums, so discuss with your agent the savings and see if it is beneficial to invest in things you do not already have in place.
If the company you currently do business with is going to cancel your policy or increase your rates, shop around with several other insurance providers or consult a reputable broker in your area for more advice.
Empty houses are often the targets for break ins, vandalism, and juvenile delinquents.
They also deteriorate faster than an occupied house as a rule.
So in short, you absolutely need insurance while your house is unoccupied.
Insurance companies know all of these facts, and as a result are understandably very hesitant to insure an unoccupied house.
If you have had insurance on the home while you lived there and it is now empty, should your insurance company find out they are likely to significantly increase your premium or cancel your insurance outright.
The first question that needs to be addressed is why is your house vacant? If you inherited the house you need to decide what you plan to do with it sooner rather than later.
If you are leaving it empty for a short period of time while you find a renter or move into it yourself, chances are you are okay with not informing your insurance company.
However, if the house is part of a lawsuit over ownership in the lack of a will and may be empty for a long time, you need to act on that with your insurance company.
If you have already moved out of the home and plan to sell it, the real estate agent's sign in the yard is like an invitation to criminals, and you should tread carefully with your decision.
The best thing to do to prevent problems with vandals or thieves is to make your home look occupied.
Hiring a landscaper and a cleaning person to come and do upkeep on the property will make your house seem occupied and this is very favorable to your insurance premium rate.
Your insurance agent will want to know how often the house is checked on and what your plans are for the home moving forward.
If your house is completely empty with all furnishing removed you will have more challenges with keeping a low premium rate than if your house is fully furnished and just not being lived in.
If the house will be empty for a significant amount of time it is advisable to rent it out or have a house sitter stay with the house or at the least have a security system installed.
A caretaker that stays at the house every few days, gets the mail and keeps the maintenance done on the property will most likely count as an occupant for insurance purposes.
Safety devices such as smoke alarms, sprinkler systems, monitored security systems and video surveillance will all help lower your premiums, so discuss with your agent the savings and see if it is beneficial to invest in things you do not already have in place.
If the company you currently do business with is going to cancel your policy or increase your rates, shop around with several other insurance providers or consult a reputable broker in your area for more advice.