Unoccupied Property Insurance 101
It won’t be easy to get an unoccupied property insurance as one would think. A lot of insurance agencies will not consider this type of policy for various reasons, unless the owner assures that the house is frequently checked.
The insurance companies may ask these questions: Is the house for sale? How long will the house be left vacant? Who has been assigned to do the house check and how often will this be? Or is your home located in a far off area. What makes obtaining an unoccupied property insurance difficult is not the fact that the house is not deserving for insurance but because of lack of security of the unoccupied house. It could be hard to predict what is likely to happen to an unoccupied house.
Having the property checked frequently is extremely important so that theft and vandalism could be prevented. Having a caretaker will help the property receive an insurance since the house will be most likely secured if one is taking care of it. Insurance rate could be incredibly high if there can be no caretakers to take care of the property. Anything can fail if a property is left unoccupied and no insurance company would be willing to secure a property they cannot otherwise be guaranteed safe for insurance.
Some companies will provide an insurance however for only a short period of time; some would even take out the policy even if the owner wouldn’t agree of it. Should the property be currently insured, it is essential to converse with the agent responsible for the policy regarding their company’s policies on unoccupied property and how it can affect the coverage. Some companies can even refer you to someone who will be able to check on the house but with additional fees. This may be the only option left for a mover if he or she is absolutely determined to have the vacant property insured.
Important: It is strongly recommended not to make the property look unoccupied, otherwise it may be targeted by malicious individuals.
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