Unoccupied Property Insurance: Protecting Your Property

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Unoccupied Property Insurance: Protecting Your Property

Thursday, May 13

Do you have a property that is not currently being rented and won’t be rented for some time? Do you own a home in another state or country that you aren’t going to be occupying in the near future? If so, you might want to consider getting unoccupied property insurance. This type of insurance is specific for the house that is not going to be occupied in the foreseeable future and protects your financial interests in the home.

Why should you consider purchasing unoccupied property insurance? Perhaps the most important reason is to protect any money that you have invested into the home. You may not realize it, but unoccupied homes are usually quite obvious. While it may not be all that obvious for the first several weeks or even the first couple of months, over time it will become noticeable to those that pass by the home often. As a result, these homes often become targets for theft and vandalism.

Another reason that you should consider buying unoccupied property insurance is because when you are not going to be in the home often things may happen that you are unaware of. For instance, if the water is still on a water pipe could break or the water heater could blow and cause the home to become flooded with water. If no one is in the home the water may sit and cause more damage than it would have otherwise. Having unoccupied property insurance will help you protect yourself from a catastrophic financial loss.

Unoccupied property insurance ranges in its scope from very limited coverage to more detailed and intensive. Most unoccupied property insurance will cover water damage, theft, intentional vandalism, wind damage, and the like. It is much like a standard home owners insurance, the only difference is that the home is not lived in. You can also pay for additional insurance that will cover the dwelling in the event of a fire, a flood, or a natural disaster. Other policies will cover the settling of the ground and more.

It’s important to shop around and see what all of your options are. If your home is in a very safe area and is not threatened by natural disasters you may be able to get by with a very limited plan. If you aren’t sure, ask about addition coverage options and consider them carefully. Like all types of insurance, it’s better to have the coverage and not need it than to need it and not have it.

Comments

Alison Feliciano Reply
over 1 year ago

Great advice! I have seen some real messes in looking at homes - especially when they are unoccupied.

BiggerPockets

Unoccupied Property Insurance: Protecting Your Property

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George Lyles

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