Is Your Vacant House Still Covered by Your Home Insurance Policy? Are You Sure?

If your house is vacant, you could be naked.

Most anyone would agree that it is awfully tough to find a buyer.  Many homeowners have found they need to move to their next house, or move to their next job, or move out of town before they have sold their home.  And, they left their home on the market for it to be sold or leased while it is vacant.

What many people don’t know is that if a home is vacant for 30 days, for most insurance policies, the insurance company can choose to not cover any claims.  If something were to happen to your vacant house on Day 31 – a time when you really need your insurance coverage, you might find that you have none.

The ideal solution, of course, is to sell your house or get it leased quickly.  But if you don’t happen have a sale or a lease scheduled to close today or tomorrow, you do have an option.  You can purchase a Vacancy Endorsement from your insurance agent.

A Vacancy Endorsement to your insurance policy will provide coverage for your vacant home so that if you do have a claim, your insurance provider will honor it.  Without the Vacancy Endorsement, you might find that you are naked.

Be prepared, a Vacancy Endorsement can be quite pricey.  You may want to shop around for competitive rates if your current insurance provider’s quote is out of range.  We have seen some Vacancy Endorsements double the regular insurance premium.  But, it is far better to have spent a little bit more knowing that you are covered, rather than paying for insurance and having no coverage at all.

Forgive the tiny plug here … If you would like options for getting your house sold or leased quickly, Home Pride Properties would be delighted to provide you with a written offer to either purchase or lease your house.  This way, you may not have to purchase that Vacancy Endorsement after all.