The Difficulties in Vacant Home Insurance

[samjonathan]

It's very significant to have a good homeowner's insurance policy to protect a huge investment but if your home is vacant it could be complex and costly to obtain the coverage you need. There are many reasons why a house can be empty. Perhaps you are a landlord and your tenant has moved out. Perhaps you are moving and have not been able to sell your old home yet. Whatever the reason, vacant home insurance can be difficult to get.

If you are the possessor of an unoccupied home you surely do not want to be without homeowner's insurance although it will be a lot more expensive. It would be unfortunate if your homeowner's insurance coverage lapsed and after that there was a fire or other substantial destruction. The financial losses would be hard or impossible to recover from.

An insurance company may be willing to work with you if you can assure them that someone will be looking over the house. Maybe a property manager or a friend or relative could check in on the house every so often. Vacant home insurance can be costly and hard to find but being without coverage can be financially devastating if something were to take place to your home.

Some insurance companies do present house insurance particularly made for vacant homes, even though it is not always at a cheap cost. If you get yourself in this form of situation, your best bet would be to shop around and try to find the best priced policy. A number of major insurers and surplus-line insurers do offer vacant-home insurance -- for a stiff price, certainly.

If planning to leave a property unoccupied for a period of time it can frequently be beneficial to have in place a dedicated vacant home insurance plan. Frequently more expensive than a standard homeowners plan, because of the higher risks involved. Vacant homes are frequently a temptation to thieves, damage and squatters, so it's necessary that adequate insurance coverage is kept in place.

However, it is very complicated and very expensive to get insurance coverage on a vacant home. You will have to go to a high-risk insurance company that focuses in cases like these. Even the Ohio FAIR plan, which is the insurer of last resort for people who have complicatedness finding coverage in the voluntary market, will not insure a vacant home.

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