Home Insurance for Vacant Properties

Do you have a vacant property and you’re wondering what type of home insurance it has or what it needs? It’s important to know exactly what kind of protection your vacant property has because these properties can be especially vulnerable to things like vandalism and water damage.

So, when it comes to insuring vacant properties, here are some of your options and other important considerations.

What Defines a Vacant Property?

A home that’s unoccupied for more than a night can be considered vacant, although the terminology can vary by different insurance companies.

If you have a vacation home, when you close it up for the season it can be considered vacant right away.
If you have a rental property without occupants, it is considered vacant.
If you have a property that you don’t live in but your possessions are still stored inside, it is still considered vacant if there aren’t people living in it.

Generally, if a home is left vacant for more than 30 days and you haven’t informed your insurance company, it will be considered vacant and your regular insurance won’t apply.

What To Do if Your Property Will Be Vacant

To avoid the risk of not having insurance coverage for your vacant property, let your insurance company know right away if it will be unoccupied. In many cases, you might be required to get a vacancy permit. When you have a vacancy permit, you’ll often be required to pay a higher premium because of the increased risks posed by vacant properties as well as a monthly fee for the permit.

How Can I Help Protect My Vacant Home?

In some cases, insurance companies won’t offer certain coverage for vacant homes, including for things like vandalism and water damage.

To make sure your vacant property is protected, here are some things you can do:

Install lights on timers
Maintain the yard and keep the property clear of garbage and debris
Keep doors and windows locked, and if possible, add a security system
Check the mail regularly