The
problem? Vacant homes fall under different insurance rules and can leave
you at risk. Here are a few things you need to know before leaving town.
A
vacant home is determined when there is not enough furniture inside for a
reasonable person to live. It can also apply if all of the utilities have
been shut off.
If
a home is vacant, the insurance company can deny a claim or drop your policy
altogether. (The rules vary by company.)
Insurance
companies view a vacant home as a higher risk. There are more
opportunities for vandalism and no one living there to protect the home from
fire or damage.
Many
companies will exclude any coverage for vandalism or glass breakage while a
home is vacant. This can leave you responsible for a huge repair bill if
a vandal were to cause major damage.
First
you need to talk to your insurance agent and get the details on your policy.
Since policies vary by state and insurance company, there is no single
right answer.
Explain
the situation to your insurance agent. Ask what coverage is included and
what is excluded (specifically for vandalism).
You
also need to find out if your policy will be non-renewed or canceled while the
home is vacant. If so, now is a good time to start contacting other
companies and looking for the coverage you need.
Some
insurance companies will continue to cover you, but might increase your
premium. Ask if you can purchase an endorsement for your homeowner's
policy that will extend coverage while the property is vacant.
Selling
a home doesn't always follow a quick timeline. If you're facing the
possibility of leaving your home vacant, contact van den Heuvel & Fountain first at 973-948-3200
and find out how to best protect yourself and your property.
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