Vacant Homeowner’s Insurance Section Could Cost You Everything

If you are moving to a new area and are force to do so quickly because of a required start date at you place of work, because of pressing family concerns, or maybe just because you are ready. Whatever the scenario if you need to move before your home being sold and it might be vacant for any extended period of time, you might need to consider a vacant or unoccupied homeowners policy. You should contact you homeowner’s insurance provider and determine whether your current homeowner’s insurance policy has what is called a vacancy clause. The National Association of Insurance Commissioners warns that if a home will be vacant or unoccupied a special homeowner’s insurance may be needed to make sure that you are covered. This is because unoccupied homes are at much higher probability of being broken in to or vandalized. There are reports from new home builders in Nashville, TN and throughout the U.S. of a much higher rate of their unoccupied homes being vandalized, so many have rented their homes. In addition there is a higher likelihood of typically smaller problems becoming increasingly serious. For instance a minor water leak that you would have promptly seen and fixed may go weeks before it is noticed which might cause serious problems costing you thousands in repairs if your current policy does not does not cover losses if you are not living in your home for an lengthy period of time. Also if you own a another residence that you are only seasonal occupy you may need an additional policy for one or both of your homes. This important additional policy varies in cost from state to state but as a general rule of thumb is that this additional policy will cost more that your present policy. However the extra cost is well worth it as it can save you thousands of dollars down the road.

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