Vacant Property Insurance
We could save you 15% or more.
In today’s sagging real estate market — where homes often remain unsold for months on end — sellers sometimes have no choice but to move and leave their properties vacant for a time. Your vacant property may have been purchased so that you can renovate it or flip it for a profit. In any of these cases, Vacant Property Insurance is a must have!
Those owners might be surprised to learn that an insurance provider could drop their homeowners insurance policy coverage. That’s because empty homes are riskier to insure.
A vacant house is an “attractive nuisance” that appeals to vandals and thieves. Vacant homes also present 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
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 homeowners 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 the premises. If anyone is injured at your vacant property, you can be sued for their injuries, even if they are trespassing!
Most Homeowners 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 the home and does not notify their insurance agent or company that the home is sitting vacant, any claim for property damage or liability under the homeowners insurance policy could be excluded or constitute insurance fraud.
Laws vary by state and restrictions vary by insurer. So homeowners must understand an existing policy’s terms prior to a change in status. Talking to an insurer can help you discover coverage options. 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 with just a phone call. We can even cover your renovation values on the same policy.
With a Vacant Property Insurance policy from Weber Insurance Corporation, you can rest easy knowing we’ve got you covered!
Call 888-860-0400 or Click today to find out additional ways Weber Insurance Corporation can save you money on Vacant Property Insurance.