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Vacant Building Insurance - What Is It?

Vacant building insurance is another name for vacant home insurance. They are interchangeable terms and many insurance companies refer to vacant building insurance by many names including vacant home insurance and vacant dwelling insurance. Whatever the name is, having a vacant building that is covered by your current homeowners insurance company usually means the loss of insurance.

Getting vacant building insurance for your vacant building or dwelling can be difficult. The difficulty increases for properties that have been vacant for an extended period of time as well as buildings that are in a high crime area or in coastal locations. If you are thinking about not telling your insurance company the home is vacant should anything wrong happen, that is illegal (insurance fraud) and insurance investigators will always find out if your home had been left vacant. Don't risk it, get the proper coverage for your building. You need to be a responsible consumer and take care of your greatest asset, your home, properly.

If your building or dwelling were damaged while you were not living there, the proper vacant building insurance policy will help repair your vacant building. Again, this type of insurance is referred to as many names including hazard insurance, fire insurance, HOI, homeowners insurance, and, of course, vacant building insurance. As with any insurance, the purpose of insurance coverage for your vacant building or vacant dwelling is to protect you against any losses that you cannot afford to pay. It is very uncommon for anyone to be able to afford to pay for a new home if their old one had been destroyed. Vacant building insurance exists to help you.

Vacant building insurance can not only cover damage to your building, but there also exists a coverage called liability insurance coverage. This covers you in case of any law suit if anyone hurts themselves on your property. This includes law suits if someone injures themselves on your property and sues you for damages.

Companies who offer vacant building insurance offer varying degrees of coverage. First is basic vacant building insurance coverage. This is insurance coverage that protects the building structure itself. The coverage is not the amount you paid for the home, but it is usually the coverage deemed by the replacement cost value of your vacant property. For instance, if you bought the home in an inflated real estate market for 500 thousand but it would only cost 300 thousand to replace the home, that would be the replacement value of the vacant building insurance package. If you are unsure of the replacement cost value, any agent from a vacant home insurance company can help you determine the value.

Another facet of vacant building insurance is coverage for other structures. This is an optional part of the vacant building insurance and offers coverage for any structures outside of the home insulating pools, fences, hot tubs, sheds, garages, etc. There also exists liability insurance coverage that can be added to the vacant building insurance coverage (also called premises liability coverage). As stated before, this covers a home in case of law suit from someone getting injured in your home or on your property. If you are getting any type of construction work done on your home, this is always a good option.

Though insurance companies differ, vacant building insurance usually covers against basic losses in a home. Other losses may include damages from smoke, fire, lightning, vehicles, sinkhole, riots, wind, hail, and other catastrophic disasters.

The cost of vacant building insurance varies by insurance company and the type of coverage you want on the home including the options such at attached structures, liability insurance, etc. Vacant building is typically more expensive than regular homeowners insurance because of the greater potential for damage. Also, vacant building insurance is typically bought in smaller increments such as 3 month - 6 month - 9 month - 1 year periods.

Vacant Home Insurance Now can help you find the right vacant building insurance coverage (aka vacant home insurance, hazard insurance, etc.).

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