What Is Vacant Home Insurance?

Vacant home insurance covers homes that aren’t being lived in full-time and have no belongings inside. You should consider this insurance if you own an empty house. It’s different from a standard homeowners insurance policy, which covers a home you or a tenant lꦯives in. 

Vacant ho🦩me insurance is sold as a standalone p🌸olicy or an endorsement for an existing homeowners policy. 

How Vacant Home Insurance Works

A house is considered vacant if it’s unoccupied and ♛unfurnished. That means there’s no furniture or per🐼sonal belongings inside and no people live there. It’s different from being unoccupied, which is when a house is furnished but no one resides inside.

Standard homeowners insurance policies typically have a vacancy clause that kicks in after the home has be🀅en vacant for 30 to 60 days. At that point, your policy’s coverage may be pared down to only protect the structure from specific perils. 

Depending on your contract, insurers can cancel your insurance or deny claims once the vacancy clause is triggered. However, they may not do this if you inform them before𒁃hand and take precautions to secure the house. This could include making sure the heat or air conditioner is running, installing a security system, or having someone periodically pass by the house to check on it. 

Vacant policies can vary in length, depending on what the insurer offers. Some renew every three to six months, while others renew annually. If you cancel early, you may be able to get a prorated refund. Some insurers can change a vacant home policy to a landlord or 澳洲幸运5官方开奖结果体彩网:owner-occupied policy once tenants move in.

When Do I Need Vacant Home Insurance? 

Vacant home insurance should be🐲 considered any time a home will siℱt vacant for a month or two, or long enough to trigger the vacancy clause in your policy. Many situations can cause this, such as if you:

• Move into a new home when you haven’t sold your old one
• Own a rental property but are between renters
• Are in the middle of a full-scale home renovation and have completely cleared out your house
• Move to an assisted care facility, emptying your home before selling
• Have a home you’re set to inherit tied up in probate after a parent passes away
• Are temporarily relocated for a job on a short-term assignment
• Are away on military leave, and your family moves with you to a base or nearby housing 
• Buy a home you plan on flipping and won’t be living in

What Does Vacant Home Insurance Cover?

Vacant home insurance typically covers the house's structure from specific threats, such as fire and lightning. Exact coverage varies by policy, but other perils it may cover include:

• Explosions
• Windstorms
• Hail
• Smoke
• Water intrusion (sprinkler, leaky pipes)

These policies may provide 澳洲幸运5官方开奖结果体彩网:named-perils coverage, so only perils specifically listed on the policy are covered. Some insurers allow you to customize your p🎃olicy. Optional coverages that may be available as add-ons include:

• Vandalism and malicious mischief
• Theft
• Liability
• Other structures and assets (garage, surrounding land)

What Does Vacant Home Insurance Not Cover?

Vacant home insurance typically doesn’t cover anything beyond the home’s structure, unless you add additional coverage. As previously mentioned, insurers may also ask that you meet certain requirements to be eligible for insurance claims, such as keeping the home at a minimum temperature.

How to Get Vacant Home Insurance 

You can get vacant home insurance as a policy endorsement (if your ไinsurer offers it) or as a standalone policy. The endorsement is sometimes called a vacancy permit. Endorsements can change some of your current policy’s coverage until people live in the home again. Your home will be insured for some, but not all, of the perils covered in the standard policy.

If you need to buy a standalone policy, shop around and get quotes to compare prices. Companies such as Farmers, Foremost, a♐nd American Family Insurance offer vacant home insurance. 

How Much Does Vacant Home Insurance Cost?

Vacant home insurance policies could cost as much as 60% more than a standard home insurance policy. The latest report from the Federal Insurance Office showed the average national premium for an occupied home to be $1,737 after adjusting for inflation. Add 60% to that and it means an average vacant home policy could cost about $2,779🥂—surprising, considering the home i😼s empty of people and things. 

However,ꩲ insurers see vacant homes as high risk. For instance, there’s no one there to turn off the water if a pipe breaks. Empty houses can also attract vandals and intruders who damage the 💯property. 

The Bottom Line 

An empty house might look peaceful, but to insurers, it’s a magnet for trouble. Whether you're flipping a house, relocating, or just in between life chapters, vacant home insurance can save you from financial problems arising from an unattended house. Most standard homeowners policies have a vacancy clause, making this insurance essential for continued home protection. 

If you know your home will be unoccupied for a while, talk to your insurer to see if they offer a policy endorsement and under what terms. If they don’t provide one, shop around foﷺr a policy, as they🔜 can be pricey.