Vacant Property Insurance Covers All Shapes & Sizes
Homes, rental properties, and business buildings can be unoccupied for several reasons. The previous homeowner might have been evicted, for example, and the property might be sitting unoccupied while it awaits a new buyer or lessee.
Or maybe a home’s current owner has already bought and moved into a new house but hasn’t sold the old one yet. Perhaps a business owner has invested in extensive upgrades to the building, requiring it to be unoccupied during the renovations. Maybe a military member stationed abroad maintains a home in the US that remains uninhabited most of the year. Or an apartment unit is empty while waiting for a new tenant. Whatever the case is, let Business & Family Insurors be your guide to vacant dwelling insurance in Largo.
Standard Home Insurance & the Owner-Occupied Provision
Standard home insurance policies are written under the stipulation that the insured property be “owner-occupied”. This means the person or at least one of the persons paying the mortgage and the insurance premium must live in the building year-round.
Generally speaking, most home insurance policies contain exclusions that kick-in after a home has been left uninhabited over 30 days. In some instances, a homeowner’s policy might become completely nullified for inadequate owner occupancy.
Insurance policies for business and rental property typically include provisions requiring some form of occupancy, too. These work similarly to those found in home insurance.
Not Carrying Vacant Dwelling Insurance Could Leave Your Wallet Unfilled
Some home insurance carriers allow homeowners to add a vacant property addendum to their existing policy. Such coverages aren’t typical, though, and if you own an unoccupied property, it’s crucial to carry the proper coverage types.
If you insure a vacant property with standard business or home insurance and make a major claim, your insurance company will probably reject it once it learns you’re carrying the wrong policy. The entire policy will probably be nullified, leaving you financially responsible for all the property damages. Don’t leave yourself exposed to unnecessary risks, protect your assets with vacant dwelling insurance in Largo, Florida.