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Vacant Home Insurance Policy Coverage Options

There are many things to consider when you are looking for a vacant home insurance policy for your empty or vacant home. But, before we explore those points, lets look at the most popular reasons why a home is vacant and when it will most likely qualify for a vacant home insurance policy.

First, any home that is vacant or empty for a period of times (sometimes as little at 1 month) may quality for a vacant home insurance policy if your current homeowners insurance doesn't cover it under periods of vacancy. Second, homes for sale will most likely qualify for a vacant home policy. Homes for sale will stay vacant until they are bought and need a vacant home insurance policy to cover the house. Third, homes under renovation or repair are in need of vacant home policies. If your home is empty and being worked on for an extended period of time, you need to look into this specialty type of homeowners policy. Finally, homes that are in the name of an estate because the owners have passed are in need of vacant insurance policies. Other situations include owners moving to retirement homes, vacation homes, homes for rent that are vacant, etc.

The first type of vacant home coverage is liability coverage. What liability coverage does is compensates anyone injured in your home that is not a person that lives in the home. If you are found responsible for the cause of the persons injuries through some fault or lack of maintenance or safety issues, the policy will compensate the injured person and provide council if the injured party were to sue you.

Another type of vacant home insurance coverage is property coverage. This is a type of coverage that covers any actual loss to the structure of your home. Many times, this coverage does not include loss to actual personal property within the home (such as jewelry, art, etc.) or detached structures such as sheds or garages. Within this type of coverage policy, there exist named perils coverage, which is coverage for specific perils stated within your policy (such as hail, wind, rain, etc.) and vandalism coverage.

If anything were to happen to your home and your vacant home insurance policy were to be utilized, there are two types of settlement. These are actual cash value and and agreed loss. Actual cash value (or ACV) is the cost to replace any damage in today's market taking into the age of the property and the condition of the structure. Agreed loss is where settlement is agreed upon in your declarations page for a total loss to your home.

While this is a lot to absorb about vacant home insurance, a policy specialist at VHIN can help you find the vacant home insurance policy to fit your needs. Contact us today for a vacant home insurance quote.

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