Unoccupied Property Insurance Tips!

No property owner wants to leave their investment unattended, but when those unfortunate circumstances arise it’s never been more important to take a good hard look at unoccupied property insurance.

There is nothing worse than a home invasion or fire, but when there is nobody there to notice the effects can grow out of control. We all know how regular upkeep and maintenance is but in these fast paced times it’s not always possible to maintain a routine. Even hired hands, house sitters or remodelers, can sometimes pose a risk to your property when your watchful eye is not around. It’s dangerous, extremely dangerous, to leave property unattended but the risks are compounded when insurance isn’t available.

Who Needs Unoccupied Property Insurance?

Many homeowners are unaware that their typical property and home contents insurance isn’t valid when the residents will be away for an extended period, usually over thirty days. Even if your possessions are inside and you fully intend on coming back, family problems or even extensive travel can keep a family away from home for quite a while. Landlords may also find themselves experiencing a large gap between tenants due to seasonal changes or remodeling. Doing any of these things without the proper unoccupied property insurance coverage can lead to much higher costs of repair and replacement, which makes the cost of property insurance pale in comparison.

What Will Be Covered by the Policy?

Basic natural damages are generally covered in the standard unoccupied property insurance policy. This includes fire, wind, lightning, smoke damage, hail, and explosion. One common exception to natural cause claims is tree damage, such as when one falls on your home or a branch is blown through the window. Damaged caused by vehicles may be included, but vandalism and squatting typically is not. Contents coverage is an addition that is necessary for those who intend on leaving valuables or high-end furniture in the home, but water damage coverage will cost a little extra.

How Can I Get The Best Deal?

Reducing your risk category is the best way to reduce property insurance costs. Installing simple things like security systems, locked fences, or barred windows can significantly reduce the risk of break-in, and even though it’s not usually covered the threat of vandalism is still a significant contribution to high premiums. Going through your existing property insurance company may present some great values if internet insurance quote tools haven’t revealed an affordable policy. Vacancy permission may even be added to your current policy at a smaller extra cost than taking out a completely new coverage.

Unoccupied property insurance is a necessary expense for the multitude of landlords, vacationers, home-sellers, home-buyers, and summer home owners who are forced to leave property unattended for an extended period of time. These policies may be more expensive compared to your average home insurance policy, but when you consider the extra risk vacant homes are subject to, the higher prices really do make sense. Then again nothing is more expensive than replacing damaged property or recovering from a fire, so the cost of premiums almost becomes irrelevant.

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