When planning an extended stay away from your home, it is the norm to be guided by a mental checklist. Some people make it a priority to find the right home for their pet. Others will install additional security and ask a trusted friend to check in periodically.

However, very few people purchase Vacant Home insurance. Not having this insurance in place could have serious implications if your home becomes damaged due to unforeseen events that occur during your absence. Without this coverage, you will be liable for fixing any damages out of pocket.

What is Vacant Home insurance?

When you are away from home for longer than 30 days, the standard homeowner’s policy does not cover damages or losses that occur in your absence. Vacant Home insurance is a policy that offers you coverage for unoccupied or vacant homes.

An unfurnished residence is defined as a vacant home that could be up for sale or newly constructed. In contrast, an unoccupied home is fully furnished but with no current occupants.

Therefore, it is good practice to notify your insurer about the status of your home and your impending absence so that they can guide you on the appropriate insurance solutions.

Why do vacant homes present a higher risk?

Insurers view unoccupied homes as having a higher risk factor. This is because of the likelihood of something happening to your home while you are away. Vacant homes are a target for malicious acts. Most burglaries occur when homeowners are away.

Other unforeseen events include:

⦁ Flooding due to a burst pipe. This can cause extensive damage if there is no one in the house to discover the leak and arrange for repair.
⦁ Vandals may break your windows and steal fixtures and fittings.
⦁ Squatters could invade your property and take up residence.

What options are available for Vacant Home Insurance

Depending on your circumstances, one option may be to cancel your standard homeowner’s policy and replace it with Vacant Home insurance.

For shorter vacancies, however, you can apply for a Vacancy Permission endorsement. This extends your home insurance and maintains coverage for the brief period your residence is unoccupied. For example, it comes in useful when you are between tenants, or it’s the off-peak season for your vacation rental.

Most insurers offer flexible terms when it comes to Vacant Home insurance

You can purchase coverage for the desired period, whether 3, 6, or 12 months. There is no need to take on insurance for longer than necessary and your coverage can be tailored to include the specific items that you want covered.

If you return home earlier than scheduled or find a new tenant sooner than expected, you can cancel the policy and get a refund.

What does Vacant Home insurance cover?

⦁ It offers standard coverage against events specifically named in your policy documents such as damage from fire, lightning, theft, or attempted theft and vandalism.
⦁ Also covered are emergency repairs that may be necessary, such as a roof damaged by high winds.

Peace of mind when you need it most

Your home is one of your most valuable assets; therefore, it is vital to insure it adequately with Vacant Home insurance in times of your absence.

That way, when you do take that extended holiday of a lifetime, you will have peace of mind.

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