Vacant Property Insurance
In the challenging real estate market these days, a home can set unsold for many, many months. Sometimes, the seller does not have any other choice but to go ahead and move out, leaving behind their vacant properties.
Unfortunately, some insurance providers will actually drop a homeowner's policy in such situation. The reason for this is that an empty home is at a much great risk. These properties are attractive beacons to thieves and vandals. Therefore, you need vacant property insurance coverage to protect your empty home. As an investor, you should seek vacant commercial property insurance to protect your investment.
The Importance of Vacant Property Insurance
There are a number of different liabilities that vacant homes present. Children could be injured climbing on an old decrepit fence. Teens may be tempted to throw a party at a vacant house or on a vacant lot, but someone could slip and fall or become injured in some other way. Homeowners seeking vacant home insurance may choose to purchase an endorsement on their existing policy or purchase a separate vacant property insurance policy.
If you have a home that you will soon have to leave vacant, do not make the mistake of leaving the property without informing your existing insurance provider of the change of status with your home. You cannot simply hold on to hope that an existing homeowner's policy is going to provide you with coverage in such situations.
Your existing policy may have exclusions for abandonment of property or neglect, which will only kick in once the home has been left empty for one to two months. If you are not living in your home and your insurance provider is not notified that the property is vacant, any claims of liability or property damage may not be covered.
Most insurance companies are not willing to cover vacant properties. The reason or this is because of the specific risks associated with these properties, from break-ins to water damage caused by a leak gone unnoticed for a long period of time.
Do You Need This Type of Coverage?
Vacant building insurance is a policy that is specifically written to include the risks to which vacant properties are exposed. This type of policy applies to a number of different common situations.
- If you own a home that you rent, but our currently in between tenants, you should invest in a vacant building insurance or vacant commercial property insurance policy. Your Northwest Insurance agent will be able to help you determine which policy is the best for your situation.
- Perhaps you have taken a new job and had to move away quickly before you were able to sell your home. A vacant home insurance policy will keep your property safe until you are able to find a buyer.
- If you have to leave you home due to renovations that you are having done to the property, then you will need a vacant property insurance policy to protect against damages and liabilities while you are away.
- In some cases, an executor will need to sell a home in order to close out an estate. In situations such as this, it is wise to invest in some form of vacant building insurance to cover the property until it is sold.
Finding the right type of coverage for your vacant property can be quite difficult. At Northwest Insurance, we specialize in providing you with adequate coverage that will address all of your unique needs, whether you are a real estate investor, a homeowner or a business owner.
Our expertise in the insurance industry allows us to provide you with the right solutions regardless of unusual or difficult property insurance needs. It does not matter if you need to protect your large portfolio of rental homes, commercial property or even a manufactured home; we are here to help you.
While other insurance companies out there would just turn you away and refuse to provide you with coverage for your vacant property, we will gladly insure your residential and commercial building without any hassle. Best of all, you will also have the peace of mind knowing that you are protected against malicious mischief and vandalism while your property sits empty.
It does not matter if you have an investment in a vacant rental home, flipping a home to sale or have a commercial property that is currently unoccupied; we have the solution that you seek. Do not risk damages or liabilities in or around your vacant property costing your hundreds or even thousands of dollars. Take the first step toward securing your future today. Simply fill out the easy quote form and submit is for a quick risk free quote.
Once you see just how easy and affordable vacant home insurance and vacant commercial property insurance policies can be, you will gladly invest in that peace of mind. You can rest easy knowing that you vacant property is safe and secure.