Did you know that the insurance requirements for an occupied property are different from a vacant one? Well, either way, now is the time to consider the type of insurance you have if your property is empty.
The issue with having a standard homeowners policy instead of landlord insurance with a vacant property is that the insurer may have unfavorable terms that apply to this scenario. They could, for example, lower your coverage levels or even deny a claim!
So the clear answer in this situation is to look into vacant property insurance. This type of insurance is also necessary because there are specific risks associated with vacant properties.
Let’s now run through five reasons why you need vacant property insurance.
It’s Cheaper Than Homeowners Insurance
Why would you pay the extra costs and get homeowners insurance when you can get vacant property insurance? In the end, many empty property owners don’t need extensive cover.
For example, a house flipper may want to use this type of insurance to cover their property’s structure against potential damage. Also, a landlord that is in between tenants may wish to opt for this type of insurance.
Vacant Homes Can Attract Thieves
When thieves and vandals learn that a home or property is vacant, they may see it as a target. So, with these increased chances of criminal damage and theft, it’s a good idea to get vacant property insurance.
If you choose a good insurer, you’ll feel much more secure in your property management. An excellent example of such an insurer is Property Insurance HQ.
You’re Selling an Empty Property
Whether you’re selling an empty property or even empty land, you need to get insurance fit for purpose. The last thing you need is expensive repair costs to a property on sale due to some form of inflicted damage.
Plus, we all know the associated costs when building up to the sale of a property can be costly. So if you aren’t insured, those will stack up if something goes wrong.
You’re Landlord In Between Tenants
We touched on this point about landlords earlier. To expand on this point, however, landlords should seriously think about getting vacant property insurance. This is especially true if they are expecting a long period before a new renter turns up.
The main reason for this is that their other types of insurance might not offer the same specific coverage for an empty building. And it will be cheaper in the long run.
You Have a Vacation Home
If you only use a vacation home for a fraction of the year, why not consider vacant property insurance. There are different levels of coverage you can consider too.
For instance, you might have some belongings that you need insuring inside the home that the policy may cover.
Find Value in Vacant Property Insurance
Overall, we have to say the best reason to get vacant property insurance is the cost savings you’ll make. Opting for other more comprehensive insurance packages may not be relevant for what you need, so why waste the cash?
All that’s left to say is thanks for reading! Also, please check out our blog for more tips and advice.