If you have an empty home it can pose more of a risk than an occupied house from an insurance standpoint. When a house is left without occupants, homeowner’s insurance requires additional insurance to cover those risks. Things like acts of vandalism, fire, theft and liability if someone gets injured on the property can be potentially serious and costly issues for a house that is sitting empty and for the homeowner who is living somewhere else. The only way to protect your investment is through vacant home insurance, which can get costly if you plan to leave your house without occupants for any length of time.
Many factors play into the cost of a policy to protect your empty house. The state of residence, amount of coverage and risk factors specific to your house can only be determined by a licensed insurance agent. However, there are several types of coverage that are available to flesh out a policy to cover insurance matters for a vacant home.
Peril insurance is anything relating to fire, lightning, things like gas explosions or hail damage and each condition must be specifically named in the policy. Vandalism and Malicious Mischief is another area of coverage that may be available, and there is also Liability Coverage that will protect you from additional costs when an accident occurs on the property that causes personal injury or property damage.
Coverage is also listed as Partial Loss or Total Loss. These coverages work to replace or repair the damaged property. Typically a depreciation deduction is involved based on the condition of both home and property. Total Loss coverage means you will receive the full amount of coverage, minus any deductibles, if a total loss situation takes place. Policies typically cover a 12 month period and then must be renewed, and you may have cancellation fees for early termination of the policy.
If you rent out your house and it is only vacant for periods between tenants, you will still need insurance for the period of vacancy. This is because potential damage from issues such as an undiscovered water leak or insect infestation that would be noted by a tenant and handled expediently could become a larger problem when no one is residing in the home. These costly expenditures are typically not covered under a traditional homeowner’s policy once you go to switching between periods of rental and vacancy.
Insurance can be expensive, but not having insurance can be even worse. With wind damage, water damage and vacant properties being targets for vandalism and theft, having insurance can give you peace of mind when your property sits empty for longer periods. Of course, it can be expensive to keep an empty house insured when there are no prospects of tenants in the near future, so it can feel like money going down the drain to have a rental property remain vacant for any length of time.
If you don’t want the worry about insuring a vacant home or of selling your house remotely, we may be able to offer you cash now for your property. We buy empty homes for cash so that you don’t have to deal with all the hassle of insuring your vacant home for months on end while waiting for an offer. If you decide you’d rather have cash in pocket now, give Chris and Jamie a call at 713-481-1869 or fill out the form so we can contact you with a cash offer for your house.
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