Vacant Home Insurance is not an Empty Promise

Vacant home insurance is a type of insurance policy that allows a home to be insured while it is unoccupied - something that a "regular" homeowners insurance policy does not allow. It can be difficult to get a company to insure a vacant home unless someone is frequently checking in on it, as vacant houses are at increased risk for vandalism and theft. Insurance companies will generally provide a window in which a home is allowed to be vacant - usually from 30 to 60 days. After this, they will cancel the policy if the house is still unoccupied. If there are special circumstances, such as a house waiting to be sold, insurance companies are generally willing to work with the policyholder and come to an agreement.

Ways to keep the property insured

One way to keep a vacant home insurance in effect is to hire a property management company. These businesses will check on and maintain your property in accordance with a contract that you select. The fees for this service will vary from company to company.

Another way is to find someone to live in your house, a house sitter, at least part time. Because a house is not considered vacant if mail is being delivered and utilities are turned on, this is a good alternative to renting if you plan to live in the house again and do not want to be tied down to the terms of a leasing contract.

A similar solution is to put the house up for rent or lease. The homeowner’s insurance policy will remain in effect regardless of whether the home is occupied or not, as long as it is listed as available. Of course, if someone is interested in renting or leasing the home, and is willing to meet the terms you have specified, you are obligated to let the structure. However, this can be a cost effective solution as you can include the price of your monthly premium and any property taxes you may pay in the monthly rent, property depreciation can be claimed on income taxes.

While vacant home insurance is available, it has its limitations. Usually the limitation is a time factor. If you know the house will be vacant for an extended period of time, finding a property management company, a permanent house sitter, or a tenant is the best way to guarantee that the property will remain insured for an extended period of time.