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Vacant Dwelling Insurance - More Information

Vacant dwelling insurance is a type of specialty insurance for a dwelling that is vacant. Though few companies offer vacant dwelling insurance & it goes by many other industry names (such as vacant home insurance or vacant homeowners insurance), the insurance offers protection for dwellings that are for sale or otherwise unoccupied because of owner death or owner / family relocation. Many vacant dwelling insurance policies are in 3, 6, 9, and 12 month terms and usually have a minimum limit with carriers varying their limits with limit averages of $150,000 to $400,000.

Though vacant dwelling insurance varies greatly from company to company, following is a fairly standard list of what is covered, not covered, and how the dwelling insurance is obtained.

• To obtain vacant dwelling, you must first contact an agent that understands vacant dwelling policies or contact your primary homeowner insurance carrier to ascertain if they will cover your home if it is vacant
• Vacant dwelling insurance policies offer a replacement cost of the home which could vary greatly from purchase price depending on the real estate market when the dwelling was purchased v. the market when the vacant dwelling insurance is purchased.
• Most vacant dwelling insurance carriers will not cover manufactured homes, mobile homes, or RV's
• Homes that are covered include single family residences, condos, row homes, multi-family homes, apartments, rental properties, and corporate housing.
• Some providers require a home inspection prior to vacant dwelling coverage. This can include assessment of the homes electrical, plumbing, roof, etc.
• Risk of policy which determines price can also factor in location of dwelling and data from the area including crime rates and vandalism statistics.
• Many companies have minimum limits of their policy but seldom have maximum policy limits.
• Renewable terms for vacant dwelling insurance is usually 3, 6, 9, and 12 month terms.

If your home is unoccupied, vacant dwelling insurance can provide you peace of mind that your home is covered when you are not there to look after the dwelling. And, if the dwelling insurance is not for your home, vacant dwelling insurance is suitable for multi-family homes, apartment buildings, and buildings with 5+ family units. Whatever company or agent you choose for your vacant dwelling insurance coverage, make sure you are given the full terms of the coverage after your application is submitted and estimated premium is quoted. As with any estimate from any legitimate company, you are not bound by any estimate and should be free to withdraw your application.

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