Will home owners insurance cover a vacant home?

Answer 1

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Most Homeowners Insurance Forms specifically state that you must notify your Insurer within 30 days of vacancy. Coverage will Cease within 30 days of your home becoming vacant unless you have the appropriate endorsements added.

Should your home or property become Vacant you will want to contact your Insurer as soon as possible.

Failure to notify your insurer of vacancy of your home can void all coverage under the terms of you insurance policy and no loss would be paid.

Answer

Homeowners insurance does cover vacant insurance. In order for your home to be covered you need to purchase vacant insurance. Vacant insurance tends to cost more to insure due to the exposure of the risk. Vacant homes are commonly target for theft and vandalism. If you insure a vacant home on a standard home policy and file a claim, it will not be paid if the insurance company can prove it was vacant.

My mother is an Insurance Agent and writes Vacant homes. What my mother had informed me is on Vacant homes you have to write a Vacant insurance policy, there are no endorsements to add onto an HO3 homeowners policy for that home to be vacant.

Most insurance companies will give you a time frame for how long your house can be vacant before coverage is canceled. According to the Insurance Information Institute, most insurers discontinue coverage on a home if it's unoccupied for more than 30 days. Insurance companies consider vacant homes to be high risks. Unoccupied homes are more likely to experience thefts, vandalism, fire and water damage.

Before you vacate your home, take a good look at your insurance policy and ask your agent for guidance. Some companies will grant you a vacancy permit, provided it's requested before the home goes unoccupied.

However, the permit does not cover the same perils as your homeowners policy. According to the insurance institute, a vacancy permit covers such perils as fire and wind but not theft, vandalism or water damage.

If you want to insure your vacant home against the same hazards your standard policy covers -- including theft, burglary and vandalism -- you'll need to purchase vacancy insurance. But not all insurance companies sell it.

Answer 2

A standard Homeowners Insurance Policy will not cover a Vacant Property Unless you have a vacancy endorsement added to your coverage.

Most home insurance polices have language that automatically terminates coverage if the home is vacated. Vacant homes present a different risk than an occupied home and require a type of coverage specifically designed and rated for vacant properties.