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Vacant Home Policy Features:

In another section we discuss how many of the vacant insurance polices on the market today are not providing the degree of coverage most would expect. Almost none of them offer the same protection as the insurance policy did while you were living in the house.

However, here are the key features to look for, used to make the best decision when shopping for the right policy.

Deductible: This is the amount of the claim you will pay first before the insurance company will pay. Of course, a policy with a $5,000 deductible will be far less expensive than one with a $500 deductible. If the offer looks "cheap" remember to check the deductible.

Liability Insurance / Personal Liability Coverage: This is extremely important. Being away from the house can create a situation where you may be found negligent or liable for damages in a court of law and situations you did not foresee. The most common example of this, is someone comes onto your property to deliver something, or for some other legal reason, and they are injured because you have not cut the grass, shoveled the snow, or another reason related to the home being unoccupied. A child wandering on your property and being hurt is another common example. Liability coverage is very important and without it you are risking your families net worth.

Contents coverage for items left in the home is another consideration. If you leave $30,000 of items in your home while you are away, don't assume it will be covered under your vacancy policy. Coverages vary dramatically here, and extra coverage may be available with additional premium payment.

Is the coverage all-risk or named perils (this is described in detail in another section but critically important to know what you are buying).

Is the coverage replacement cost or depreciated value cost (also described in detail in another section).

Does the policy cover for vandalism? Many vacant homeower's policies do not. Vandalism is the most common claim for a home that is not being occupied by the primary family members.

Have you left any valuable articles in the home? For example, a ring or another expensive item with an appraised value? Most policies do not provide coverage if a "valuable article" is left behind in the house.

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