There are more and more vacant homes on the market these days and most sellers would assume that their standard homeowner’s insurance policy provides full coverage for their now vacant abodes. They maybe surprised to learn that most insurance companies have limits on how long a home can remain vacant before a the policy is considered voided or cancelled.
Vacant homes present a number of additional liability issues and are seen as risker to insure than an occupied home. A homeowner’s absence from a property increases the likelihood of theft, vandalism and utility related damage – such as leaking pipes.
Silence is not golden when it comes to notifying your insurance carrier that your home will be unoccupied. It may be tempting to leave the property and not inform you carrier of the change in the status of the property but that is an ill advised strategy. You could be denied coverage for damages or your policy could be terminated if your home has been vacant beyond the 30 to 60 day vacancy exclusion that is typical in most insurance policies. Homes that are vacant for a period greater that the policy’s exclusion time frame might be classified as abandoned.
If your home is soon to be vacant there are two possible options for making sure you have continuous insurance coverage: purchasing an vacancy endorsement to the existing policy or buying a separate vacant home insurance policy. In either scenario the time to discuss the future vacant status of your home with your insurance company is before the property becomes unoccupied and to fully understand the coverage limits and exclusions of your current policy and the options for continuing proper coverage.
Wallingford PA Real Estate – Wallingford, PA 19086
