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vacant property insurance

Empty homes can become targets for a variety of risks, make sure your investment is protected with vacant property insurance.

What is Vacant Property Insurance?

Vacant Property or Unoccupied Home Insurance is a policy that covers the structure and contents of a home which is left unoccupied for 30 days or more. Once a property has had no residents for 30 days Insurance companies see it as a higher risk of being susceptible to vandals and burgulars, or suffering damage due to weather events, which left unresolved could lead to a complete loss of the property. As such a standard homeowners policy will not cover the property while empty.

Unoccupied or Vacant?

Although the terms Vacant Property and Unoccupied property are often seen as interchangeable these are actually two different property states and carry different levels of risk, which affects the premium.

    Vacant Properties

  • The Utilities are turned off / disconnected
  • There are no Appliances
  • There are no Furniture or Personal Belongings inside
  • Property is in need of repair

    Unoccupied Properties

  • The Utilities are on
  • Appliances are installed
  • Furniture and Personal Belongings are inside
  • Property is move-in ready

Make sure that you talk to your advisor about why your house is empty, what condition it is in and how often someone will be checking on it. Your advisor can then ensure that the property is properly classified as either vacant or unoccupied. Usually an Unoccupied Property is considered to be less risk than a Vacant Property and premiums will be lower.

What does Vacant Property Insurance cover?

A Vacant / Unoccupied policy provides the same coverages a standard Homeowners Policy provides and then adds additional coverages:

What does Vacant Property Insurance cost?

Due to the increased risk, Vacant Property is more expensive than a homeowners policy, policies generally cost between 50% to 150% more than homeowners policies. However, there are some steps you can take to lower the premiums:

Frequently Asked Questions

If my property becomes vacant do I add vacant cover to it or is it a new policy?

This depends on the insurance company providing your existing homeowners policy, some cancel the homeowners policy and replace it with a vacant property insurance while others will add it as an addendum. Tell your advisor of any changes to the circumstances of your property and they will make sure you have the right cover in place.

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