When do I need to buy vacant home insurance?

Having a regular Homeowners policy is not enough to protect your property if you leave it vacant or unoccupied for longer periods of time.

If that period exceeds 30 days and a loss occurs while you are away, your insurance provider will most probably deny your claim (although some insurers deny home insurance claims only if the home owner has left their dwelling unoccupied for 90 days).

This is when you need to get a separate policy called vacant home insurance. It will give you peace of mind while you are away, insuring your vacant dwelling and its contents against damage, destruction and theft. Here are a few things you should consider with vacant home insurance:

• Only buy vacant home insurance when you are planning to leave your primary residence unoccupied for over 30 days. This is when your primary home owner policy comes out of effect and you should replace it with another type of coverage.
• Bear in mind, however, that the majority of home insurance providers do not offer vacant home insurance. The ones that do usually provide vacant home insurance policies at exorbitant rates. Coupled with the limited coverage that is characteristic of this type of dwelling insurance, the expensive rates make vacant home insurance very cost-ineffective.
• There are only about nine causes-of-loss that are covered under a vacant home insurance policy.
• It is still better buying vacant home insurance, rather than leaving your personal property unprotected and risking not receiving adequate, or any, compensation for damages or loss your home might suffer while you are away. An insurance agent might help you get a relatively comprehensive coverage for a relatively reasonable price.

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