In today’s sagging real estate market, homes often remain unsold for months on end. Sellers sometimes have no choice but to move on, leaving their properties vacant.
There’s a good chance your vacant property may have been purchased so that you can renovate it or flip it, for a profit, so of course, Vacant Property Insurance is a must-have!
An insurance provider could drop a homeowner’s insurance policy coverage due to the fact that empty homes are riskier to insure.
To put it simply, a vacant home is an “attractive nuisance” that appeals to vandals and thieves. Vacant homes also come with numerous liability issues. Kids climbing over a dilapidated fence could get hurt, or teens entering a vacant home could slip and fall.
Homeowners looking to insure a vacant property typically have only one option: purchasing a separate Vacant Property Insurance Policy. At Weber Insurance, we’re able to provide in-depth vacant insurance quotes so you’re able to see exactly what’s available to you.
Silence is not golden
If your home is soon to be vacant, it may be tempting to leave the property without notifying your existing insurance agent of the change in the home’s status. But simply hoping an existing homeowner’s policy will cover you in such circumstances could be a costly mistake. Until the home has been physically and legally deeded to someone else, you are responsible to protect it and its premises. If someone is injured at your vacant property, you can be sued for their injuries, even if they are trespassing!
Most Homeowner’s Insurance policies have exclusions for (neglect or abandonment) of property. A vacant exclusion generally kicks in after a home has been empty for 30 or 60 days. If a homeowner is not living in their home, or it’s vacant, they must notify their insurance agent. Otherwise, any claim for property damage or liability under the homeowner’s insurance policy could be excluded or constitute insurance fraud.
Laws vary by state and restrictions vary by insurer. That means as a homeowner you must understand an existing policy’s terms prior to a change in status. Talking to an insurer can help you discover vacant insurance quotes that suit you best. Always take the time to talk to your insurance agent is before you move.
Vacant Property Insurance options
Weber Insurance Corporation offers Vacant Property Insurance through Underwriters at Lloyds of London and other companies. We have binding authority and can cover your vacant property following a simple phone call. We can also provide vacant insurance quotes if you’re not sure of what options are valuable to you. On top of this, we’re even able to cover your renovation values on the same policy.
With a Vacant Property Insurance quote and accompanying coverage from Weber Insurance Corporation, you can rest assured knowing we’ve got you covered!
Call us on 215-860-0400 or Click today to find out additional ways Weber Insurance Corporation can save you money on Vacant Property Insurance.
