Do you have a vacant property? Maybe you have moved to a new home, but your old one is for sale, or your rental property doesn’t have any current tenants? If so, have you considered the insurance requirements for your vacant property?
Insurance Policies For Vacant Properties
It is a fact that if your property is vacant for any reason, you are required to carry a special insurance policy, dependent on the amount of time the property will likely be vacant for, as well as the type of coverage that you wish to have for such properties.
The most common vacancy policies include three, six and 12-month terms. They can either cover only the types of losses listed, such as lightning, hail, and fire, or they can be more comprehensive.
If the vacancy is for a short period of time, then you may only need an endorsement to cover the specific time period. It is critical to understand, however, that during this time, your regular policy does not apply.
The typical options for your vacant property often includes the following:
- Premises Liability- this covers you in the event someone is injured on your property
- Personal Property- this covers your personal property in the event you are leaving furniture or appliances in the home
- Vandalism- this will cover damages or defacement of your property
- Burglary- this covers the damages made to doors or windows that were broken during unauthorized entry, as well as the theft of your personal items
- Builder’s Risk- this covers improvements and repairs during renovations
Contact Your Insurance Agent
If you have a vacant property, or are making future plans that will leave your property vacant, it is important that you consult with your agent immediately in order to understand your insurance options, protecting your property and home.
For more information, contact Brazelton Insurance Group today!