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Vacant Home and Property Insurance – Don’t Own Vacant Property Without It – VA, MD, DC

- Wednesday, December 10, 2014

Uninhabited areas are prone to cases of theft and vandalism. They are also exposed to certain liabilities such as break-in, water leaks, rodents, and other threats that are compounded by an inability to rapidly respond. So what you need is a policy that is specifically written for the risks of high value vacant home or a vacant property. Such insurance policy shall protect your property while it is not occupied.

If your home is soon to be vacant, do not delay informing your insurance agent regarding the change in your home's status. It is risky to simply hope that any unfortunate events in your empty property can be covered by your current homeowner's policy. Your insurance provider could drop such coverage because these homes are much riskier to insure. Some policies exclude covering vacant property which puts your vacant home to risk as early as 30 consecutive days after move-out. In such case, any claim for damage or liability could be denied.

Having a vacant home and vacant property insurance is easy if you consult with a insurance professional who is adept in buildings and contents. Homeowners like you who are planning to insure a vacant home have two options. You can purchase a vacant permission endorsement to your existing homeowner's policy to buy back the exclusion. However, not all insurance company offers this option, so you have to purchase a separate vacant home insurance policy to cover your unoccupied home for an extended period of time.

To understand further the options for vacant policies in Virginia, Maryland, and DC, contact TriState Business Insurance.