So, you’ve moved and are in the process of selling your home. Your personal belongings are out of the home. You are no longer sleeping there. Nobody is living there regularly. Your current traditional homeowners insurance may not cover you home if it is vacant.
You need find a policy that makes it easy for you to move, renovate your home or put it up for sale. Make sure you get one that will only cover for the amount of time you need.
Things to look for in a vacant homeowner’s policy:
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Named Peril Coverage.
This means the policy cover “perils” (fire, explosion, lightning, windstorm and hail damage) which are specifically named in your policy, subject to policy exclusions and conditions.
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Vandalism and Malicious Mischief Coverage.
Many companies don’t offer this important coverage on an unoccupied home, but some carriers do. Ask about that when getting a quote.
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Full 12 Month Policy.
Look for a company that offers flexible payment plans and a pro-rated cancellation, if you need to cancel before your year is up. Also ask about renewal options as some may not allow you to renew after a year. Some carriers will offer options to renew for up to four years! Things change, you may not sell your home as quickly as you think!
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Agreed Loss Settlement.
If your home is destroyed by an insured loss, you receive the full amount of agreed upon insurance for your home (minus any applicable deductible). No hassles.
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Liability Coverage.
This provides coverage if you’re found legally responsible for an accident that causes injury to someone on the rental premises or causes property damage.
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Actual Cash Value.
In the event of a covered loss, this covers the cost to replace or repair your damaged property, with a deduction for depreciation, which reflects that age and condition of your home.
An independent agent can help you choose the right policy for your vacant home property, so you can relax while someone else takes care of the paperwork! Please contact us to help you manage these situations. We can be reached at at www.keslarinsurance.com or 603-273-0953.
