What You Need to Know About Vacant Home Insurance

Vacant home insurance is an insurance product that offers financial protection from any loss that may occur in an uninhabited home. Insurance companies typically do not include vacant homes in homeowners insurance policy because they pose a greater risk than occupied homes. For instance, the probability of vandalism and break-ins is higher in vacant homes than in occupied ones. Vacant homes also typically experience slower response time for emergencies. Due to this higher risk, insurance companies usually require one to purchase vacant home insurance either as an endorsement or a separate policy. If one purchases the policy as an endorsement, it acts as an add-on to their existing homeowners’ insurance policy. Purchasing it as a separate policy means that one does not need to again pay for their homeowners’ insurance.

Vacant home insurance is necessary if there is a likelihood that the home is going to remain vacant for more than thirty to sixty days. The exact number of days varies from one insurance company to another. Some of the scenarios that may require that you purchase a vacant home insurance include when you have completed building a home for renting but you are yet to get tenants, when you have purchased a home but you are yet to move in, or when you are doing renovations in a home that you intend to rent out or move in at a later date.

As discussed above, vacant home insurance is a relatively expensive policy. There are, however, simple methods that you could use to save money. Most of the discount opportunities available involve reducing your home’s risk. For instance, if you install an alarm system or similar security measures, you may get a discount because such measures increase response time for an emergency and also serve as a deterrent against vandalism and burglaries. You could also request a friend or neighbor to be checking on the property every few days. However, before implementing any of these measures, it is important to discuss with your insurance provider to confirm whether they may earn you a discount or not.

No matter the reason for your property’s vacancy, it is important that you purchase a vacant home insurance cover so that you do not pay out of pocket for liabilities or damages that may occur at the property. When choosing a provider for your policy look out for their cost, flexibility, and reputation. In Florida, S.T Good Insurance of Florida has built a solid reputation for providing great advice and affordable quotations for persons looking for vacant home insurance. If you need a vacant home insurance policy, you should consider seeking their advice for a policy that best suits your situation.

For a consultation and a quote contact us at S.T. Good Insurance of Florida today at (772) 287-3625.

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