It’s very important to have a good homeowner’s insurance policy to protect such a huge investment but if your home is vacant it can be difficult and expensive to get the coverage you need. There are a number of reasons why a house can be empty. Maybe you are a landlord and your tenant has moved out. Maybe you are moving and have not been able to sell your old home yet. Whatever the reason, vacant home insurance can be hard to come by.
Some companies simply will not provide coverage for an empty house. If you can find an insurance provider that will work with you it’s usually going to be quite a bit more expensive to ensure an empty house than a house with someone living in it. The reason for this is because an empty house is a target for thieves and vandals. There are also liability issues. If your home is vacant and someone hurts themselves on your property you, or your insurance company, may still be liable for any injuries sustained.
Many insurance companies will allow you to have coverage on a house that is vacant for a small period of time. If you are a landlord with a tenant that has just moved out or you are moving to a new house and haven’t sold the old one yet your insurance company will not cut off your coverage but in many cases you will have about 90 days and at that point many insurance companies will cancel the policy.
If you are the owner of an unoccupied house you certainly do not want to be without homeowner’s insurance even if it will be a lot more expensive. It would be tragic if your homeowners insurance coverage lapsed and then there was a fire or other significant damage. The financial losses would be difficult or impossible to recover from. An insurance company may be willing to work with you if you can assure them that somebody will be looking over the house. Perhaps a property manager or a friend or relative could check in on the house once in awhile. Vacant home insurance can be expensive and difficult to find but being without coverage can be financially devastating if something were to happen to your house.