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What is Unoccupied Insurance?

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Unoccupied insurance is a special type of home or property insurance reserved for homes that are either temporarily or permanently vacant. Due to the different levels of risk associated with an empty home, vacated homes are typically not covered under traditional homeowners insurance policies.

Reasons for Unoccupied Insurance

The reasons someone might need unoccupied insurance are numerous. However, vacation properties and moving out of a home before it has sold to a new owner are the two most common reasons. Whatever the case, a home is typically considered unoccupied if no one has been living in it for the more than 30 days. Under a typical home’s insurance policy, the policy provider has the right to terminate the agreement and end covered once this 30-day period has lapsed. At such time, it is important to negotiate a temporary unoccupied insurance policy. To determine the amount of time you have before unoccupied home insurance is necessary, review the vacancy clause in your current policy.

Differences of Unoccupied Insurance and Regular Home Insurance

Your insurance provider requires you to purchase different insurance for an unoccupied home because of an increased level in risk. Historically, vacated homes are more likely to be targeted by thieves and vandals. In order to protect from this heightened level of risk, your insurance company may ask you to pay a higher premium. However, if your personal belongings have been removed from the home, then the premium for your vacated property may actually be more affordable. This is because you do not need additional coverage for personal belongings.

Shopping for Unoccupied Insurance

If your absence from your home is temporary, then the most convenient option when buying unoccupied insurance may simply be to switch policies with your current provider. However, not all insurance agencies offer coverage for unoccupied homes. As such, it may be necessary to shop around for a new insurance provider. When comparing rate quotes among competing insurance companies, be sure to inform each provider that you are specifically seeking unoccupied home insurance. Additionally, it may be necessary to inform them of how long you expect the home to be vacant.

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