The Best Ways to Insure a Vacant or Unoccupied Home

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unoccupied home insurance

The Best Ways to Insure a Vacant or Unoccupied Home

As a property investor or a landlord, there may be times that you find your property vacant. During these unoccupied times, your home may be more at risk of vandalism or prime time for something like a burst pipe to happen.  While things like this may be covered under a typical dwelling policy, a home that has been sitting vacant for a few months will most likely not have coverage for loss or damage. 

The reason is vacant homes present more of a risk than an occupied dwelling. For example, a home sitting empty presents an excellent opportunity for vandals to break in and cause damage or theft of items in the home or that make up the house.  The heightened insurance risk linked with unoccupied and vacant dwellings has resulted in insurance companies’ excluding these properties in standard property insurance policies. The best way to protect your investment is to purchase vacant home insurance. 

Understanding Vacant Home Insurance

Vacant home insurance is designed to provide coverage for damage or loss of an occupied home.  This coverage may be bought as a stand-alone policy or added to an existing homeowners policy. Vacant home policies provide coverage for the same types of perils as a standard home insurance policy.   If you know that your home will be vacant for an extended period, it may best to purchase an empty home insurance policy. If you are in between tenants or putting your home up for sale adding an endorsement to your existing policy may be an option. It’s important to understand that all homeowners or landlord policies may not add this type of endorsement. It’s best to call us at (708) 233-4848 to discuss your options. 

When Should Chicago Residents Buy a Vacant Home Insurance Policy?

If you plan to leave your home vacant or unoccupied for 30 days or more, you’ll want to purchase vacant home insurance. While terms vary by policy, most insurers will deny claims that are made if your home is left uninhabited for more than 30 days. Before leaving your home unattended for an extended period, reach out to us, and we can discuss how your insurance company defines vacancy and unoccupancy. It’s possible that your property insurer has specific restrictions on the length of time you can leave your home unattended.

What’s the Difference Between Vacant and Unoccupied

An “unoccupied” home is one that is ready to be used as a residence, meaning that there is furniture in place and utilities are set up. On the other hand, a “vacant” house probably has no personal property contained within it. However, vacant homes pose a higher risk to insurance companies than unoccupied dwellings; the reason is that unoccupied-home claims are likely to be reported sooner than those made for empty houses. Resulting in any damages that could occur, such as water backup in the home, would likely be less severe in the unoccupied home, meaning a lower cost to the insurance company. The determination of whether your house is vacant or unoccupied will have a substantial effect on your insurance rates.

Do you need vacant home insurance in the Chicago area? Getting online quotes is convenient and easy. At Insured ASAP, we can get to know your situation and find out exactly what you need. We can also make you aware of any discounts you are eligible for, so you get the best rates.

 We’re here to help. Contact us today!

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Insured ASAP
7213 W. 84th St.
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