What You Must Know About Unoccupied Property Insurance

What You Must Know About Unoccupied Property Insurance

Many homeowners have never realized the need for unoccupied property insurance, until it was too late.  Imagine the frustration and bewilderment after being gone from home for an extended time and finding some damage or loss to your property upon returning home.  Then you learn that homeowner’s insurance won’t cover it had been changed.  What?  That’s right.  Insurance companies can change your coverage if your home is unoccupied for as little as 30 days.  

Insurance companies do not like vacant property.  For them it represents a much higher risk than occupied property (damage, vandalism, theft, etc.).  So, there are set limits as to the number of days your home can go unoccupied before they will automatically change coverage to unoccupied property insurance (as little as 30 days in some instances).  

Unoccupied (or vacant) property insurance basically greatly reduces the amount of insurance on the actual structure and greatly increases the amount of liability insurance.  

If you know ahead of time that your absence from home will exceed your company’s set limit of days before automatically changing to unoccupied property insurance, you will likely be able to pay a set fee to maintain your full coverage until the time of your return.  

There are other circumstances in which this insurance may be necessary other than just an extended absence.  For instance, if you home becomes unlivable because