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Vacant Homeowners Insurance Policy Specifics:

Specifics About the Vacant Homeowners Insurance Policies offered by Vacant Home Insurance Now

When you secure a homeowners insurance policy for your home when the house is occupied and you and your family are living in it, the official homeowners policy form in most states is called HO3 or HO5. There are slight variations to these forms. For example, the coverage form for a condominium is called HO6. The point here is, when you secure these good coverage forms you can be assured you are getting a very high level of coverage. When a home becomes empty or vacant, it is very difficult for the owners to find a similar level of coverage on the house, as he or she had while living in the home. Simply, HO3 is NOT AVAILABE from most companies that offer vacant homeowners insurance policies.

As we have discussed, the few insurance companies that even offer vacant homeowners insurance coverage drop the level of coverage down to a Dwelling Policy. These forms are officially known as DP1, DP2, and DP3 and they insure against certain named perils mentioned in the policy, but no more. This is a limited form of coverage. The typical perils these policies insure against are as follows: windstorm, fire, hail, aircraft, riot and civil commotion, vehicle damage, volcanic eruption, explosion, and smoke. In addition to the basic list, some dwelling policies will add damage to a property by a burglar, falling objects, weight of ice or snow, and power surge. You get what is on the list and no more.

From the owner of a vacant propertys' perspective, vandalism is a very important coverage that is often left off a dwelling policy and not available to a vacant homeowners policy. Other important items include freezing of pipes, and lightning.

It is also important to check the exclusions of your insurance policy with the most common being ordinance law, earth movement, water damage, power failure, neglect, war, intentional loss, governmental action, and certain weather conditions.

At Vacanthomeinsurancenow, we can find you a vacant homeowners policy with coverage terms the same or very similar to what you had while you were living in the home. If you plan on securing a policy with a lesser degree of coverage, we make sure you understand the differences and what coverages you may be losing. Getting a high degree of coverage is extremely important, but the most important step is understanding the need to switch over. We estimate there are thousands of homes in the U.S. right now where the owners think they have good coverage, and they have little or none because they have not switched over to a special vacant homeowners, or vacant dwelling policy. Knowing when you are exposed, and then quickly taking action is the first, and most important step.

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