Selling a home is a notoriously stressful and overwhelming process. The experience becomes even more trying if the home does not move quickly. You have landed a job near your new primary residence, therefore, you have no choice but to leave the home vacant until it sells. However, there are a variety of insurance implications that change when you leave a home vacant for a period of time, factors that leave you at risk. Compiled is a list of what you must know when it comes to leaving a home vacant:
- There are a variety of factors that classify a home as vacant. Whenever the utilities have been shut off, the home is classified as vacant. Additionally, when there is not enough furniture for a reasonable person to reside in the home, the home is categorized as vacant.
- Depending on your specific insurance provider, you may be denied of claims for a vacant property. Some insurance companies will even drop your policy altogether.
- Since there are more opportunities for vandalism, theft, and fire when the home is vacant, insurance companies view this vacant property as a high risk.
- In the event that your vacant property is vandalized, your insurance company may require you to pay out of pocket for the repairs.
- Since requirements and details vary across insurance carriers, you must contact your agent to determine your next course of action when it comes to handling your vacant home. You will want to know exactly what coverage is included and what is excluded. Some companies will provide you with coverage at an escalated premium.
- Your best course of action may be to purchase an endorsement for your homeowners’ insurance policy, extending coverage to your vacant property.
Often, selling a home does not follow the quick timeline you were planning for. If you may be forced to leave your home vacant for a period of time, contact the insurance experts at Stromsoe Insurance Agency to find out how we can best protect you, and your property.