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Hello! Anyone Home? Insurance for a Vacant Dwelling
The above question can be costly to a property owner if the answer is "No". Property insurance has strict rules regarding vacant and unoccupied properties and how they're insured.
Most people have good intentions when it comes to insuring their properties, but are unaware of the stipulations for vacant and unoccupied residences placed in insurance policies. Be sure to be open and honest with your agent about these situations so they can guide you to the proper product to protect your valuable asset in the event your property is vacant or unoccupied.
Let's suppose you aren't truthful about the occupancy of the property, and because the property is vacant, the pipes freeze and burst and there is significant damage as a result. If the property had been vacant for over 60 days, the insurance company could deny coverage. Informing the insurance company of the vacant situation and getting approval for it or changing the policy to a vacant property policy can prevent this gap in coverage.
The lesson here is to make your agent aware of changing situations with your exposures to protect your hard earned assets.
Request a homeowner insurance quote and speak with one of our insurance experts near you. Don't be left out in the cold with the wrong insurance coverage for your property.