What You Need to Know About Vacant and Unoccupied Home Insurance
If you are living alone and constantly moving around the country because of work, there are times that you will leave your home unattended for weeks. You move with confidence because you know that you have homeowner’s insurance coverage. However, you have to know that if you leave home or several weeks, you could potentially void homeowner’s policy.
This means that in the event of a claim during the time that your home is vacant or unoccupied, the insurance company will not shoulder the damages – it will be paid from your pocket. The reason for this is when homes are unoccupied or vacant for long periods of time, the house will be at greater risk for theft, fire, vandalism and other things.
For this reason, it is important that you contact your insurer or usaa vacant home insurance before leaving town for long periods to make sure that your unoccupied home is insured and safe. If this is a new concept to you, it is time to learn about it. Here are some things that you need to know about vacant and unoccupied home insurance:
What is a vacant or unoccupied home?
According to National Association of Insurance Commissioners, a home is considered vacant or unoccupied if it is left empty for at least sixty days.
What is vacant or unoccupied home insurance?
This is a specialty insurance product that is created to protect the home from damages or loss at the time that it is inhabited. As mentioned earlier, a vacant or unoccupied home will be at greater risk for theft, fire, and vandalism.
What is the difference between homeowner’s insurance policy and vacant or unoccupied home insurance?
The homeowner’s insurance policy is designed to protect your home from damages and losses whilst you are there. It will not cover fire, vandalism, and theft when you leave it for a few days. Vacant or unoccupied insurance will cover any losses or damages incurred whilst it is vacant or unoccupied.
The vacant or unoccupied insurance can be purchased as a separate policy. This means that you do not need to pay for standard homeowner’s policy. However, if you already have a standard homeowner’s policy, you will need to purchase an endorsement. The endorsement will serve as your add-on to the existing policy.
Knowing these things, you will feel at ease. The best thing to do is review your homeowner’s policy now so when you leave for many days, you will know what to do. Think of it as an investment. You do not know what will happen so better be insured.