Empty home insurance is insurance for a residence that is unoccupied for reasons such as renovation, death of the occupant or selling the home. Those who are selling a home may especially need to consider some kind of insurance because a conventional homeowners insurance policy can expire if the house is vacant more than 30 days. However, insuring a vacant home may be difficult since fires, theft, vandalism and water damage are more likely to occur in an empty house than an occupied one.
Still, there are options when you need to buy home insurance for an empty house. Some policies have a two-year term limit whether or not the home is for sale, in an estate or under renovation. It may be possible to get coverage under a current carrying, but the deductible may have to be raised in order to lower the costs. A state-run insurance plan such as the Fair Access to Insurance Requirements Plan may also have affordable options.
Many companies will not offer empty home insurance, so it may be best to work with a broker that specializes in this particular area. Browsing online for unconventional insurance providers may also be the road to finding a vacant home policy. If you are able to find a policy, carefully check the terms of that policy. There may be many restrictions on what it will cover. For instance, only basic coverage against fires or acts of nature may be covered. If you need full coverage, you need to find a policy that will suffice.
Even if you cannot or do not plan to sell the home, it is important to keep it protected. Gas leaks can build up if the gas and electric lines are still functioning. This could result in an explosion. Small leaks can turn into big ones when they go unnoticed and unattended. Also, a burst pipe in winter can cost more damage than the property is worth. An insect outbreak can also do untold damage to a home if it goes unchecked. In such cases, it may be well worth the costs of empty home insurance.