Frequently Asked Questions About Insurance For Vacant Properties
Homeowners insurance can be a confusing product if you are unsure of what it covers. Some homeowners misunderstand how insurance works and they don't purchase proper coverage. Much of this confusion can be cleared up when speaking with the licensed insurance agent. It's better to ask questions now rather than later. This will assist you in making sure that you completely understand your homeowners policy and what it covers. Much of the homeowners insurance purchased will not cover your property if it is vacant. That is another issue that you will need to address with your agent. Vacant properties can be difficult to insure because there is no one present to maintain and oversee the safety of the property. Here are some frequently asked questions about vacant property insurance.
My home will be vacant while undergoing renovations. Will my insurance cover it if a disaster occurs?
You will most likely be out of luck if the insurance company determines that you have left your home empty. You may not be able to find insurance elsewhere. The best thing to do is make sure someone is staying in the home while the renovations occur. This will keep you from having any interruptions in your insurance coverage. There is also a specific type of coverage available for those homes that are undergoing renovations.
Is it possible to get vacant building insurance for commercial properties?
Yes, it is possible. The best way to determine the cost of insurance is to go through Vacant Express online. You can utilize the information on the website and connect with resources where you can obtain a quote.
Can a home be insured during the construction stage?
Basic peril coverage is available for homes that are being built. This is a product that you cannot afford to do without. This coverage will help protect your financial interest in the home you are building.
I have a summer home in another state which leaves my primary home unoccupied for a few months. Is there a special type of insurance I can purchase for coverage while my home is vacant?
Yes. You will need to research your options for vacant home insurance. If your current insurance agent cannot help you with this product you will need to do some research online and determine who you can purchase this product from.
Vacant building insurance is a product that is intended to help protect property owners. Replacing a property whether it be a home, apartment building or commercial space is near impossible without having the financial backing of a good insurance policy. Without insurance it is possible that you will lose everything. It is never advisable to leave property empty for any length of time. The longer it is vacant, the more likely it is to end up being vandalized or damaged.