Owning a property can be a great investment, but what happens when that property becomes vacant? Without proper coverage, your asset may be at risk. That’s why purchasing vacant property insurance might be the best move you’ll make.
Vacant property insurance is a type of insurance designed to protect properties that are unoccupied for an extended period of time. Standard homeowners insurance policies typically do not cover properties that are vacant for more than 30 days. Vacant property insurance provides coverage for damages caused by vandalism, theft, fire, and other unforeseen events.
Who Needs Vacant Property Insurance?
Vacant property insurance is necessary for anyone who owns a property that will be unoccupied for an extended period. This includes homeowners who are relocating, landlords with vacant rental properties, and real estate investors who are in the process of renovating and selling a property.
Types of Vacant Property Insurance
There are several types of vacant property insurance policies available, including:
Basic coverage provides protection for damages caused by fire, wind, hail, and other types of natural disasters. It may also include liability coverage for injuries that occur on your property.
Named Peril Coverage
Named peril coverage offers protection for specific types of damages listed in a policy, such as vandalism, theft, and water damage. This type of coverage is typically more expensive than basic coverage because it provides more comprehensive protection.
Broad Form Coverage
Broad-form coverage provides protection for a wide range of damages, including those more rare, caused by natural disasters, vandalism, and theft. It often includes liability coverage for injuries that occur on your property.
Comprehensive coverage provides the most comprehensive protection for your vacant property. It covers all types of damages, including those caused by natural disasters and more. It also comes with liability coverage.
How Much Does Vacant Property Insurance Cost?
The cost of vacant property insurance varies depending on several factors, such as the location of your property, the type of coverage you choose, and the length of time your property will be vacant. On average, vacant property insurance can cost anywhere from $500 to $5,000 per year.
It’s important to shop around and compare quotes from different insurance providers to find the best coverage at the most affordable price. With us, you can easily compare quotes from various insurers and find the best deal for you.
Vacant Property Insurance Requirements
In order to obtain vacant property insurance, there are certain requirements that must be met. These requirements may vary depending on the insurance provider but typically include:
- Regular property inspections to ensure the property is secure and free from damages
- Proper maintenance and upkeep of the property
- Proof that the property is vacant and will remain vacant for an extended period of time
Be sure to check with your insurance provider to see if you are meeting all of the necessary requirements to maintain your coverage.
Vacant Property Insurance – The Bottom Line
Vacant property insurance is an essential investment for anyone who owns a property that will be unoccupied for an extended period of time. It provides protection for damages caused by unforeseen events and liability coverage in case someone is injured on your property.
When shopping for vacant property insurance, be sure to compare quotes from different providers to find the best coverage at an affordable price. And don’t forget to meet all of the necessary requirements to maintain your coverage.
Protect your investment with vacant property insurance and have peace of mind knowing your property is covered.