Vacant & Unoccupied Home Insurance Coverage
Finding insurance for your vacant property can be challenging, mostly because a typical homeowners policy probably won’t cover the property after it’s vacated.
Independent agents offers specialized coverage developed for the unique insurance situation of vacant homes and their owners.
How is Vacant Home insurance different from typical homeowners insurance?
Since no one lives there, vacant homes tend to pose more risks than occupied ones. Acts of vandalism, liability, and fire, for instance, are potentially serious issues with a vacant home. Intruders might get hurt on broken floor boards or old fencing, and file a claim or sue. Some typical homeowners policies won’t cover these types of risks on a vacant property, but vacant home insurance is an option for you.
How much does Vacant Home insurance cost?
The cost to insure a vacant home is based on a variety of factors, including the state it’s located in, the amount of coverage you want, and the home’s risk factors.
A good way to determine how much it would cost, is to request a vacant home insurance quote from a Cole Insurance TWFG www.coleinsurancetwfg.com
What coverage is offered on a Vacant Home policy?
Named Peril Coverage
We cover "perils" (things like fire, explosion, lightning, wind and hail) that are specifically named in your policy, subject to exclusions and conditions.
Vandalism & Malicious Mischief Coverage
Full 3,6 or 12 Month Policy
We offer flexible payment plans and a pro-rated cancellation, subject to minimum earned premium. This comes in handy in case you move back into the home, sell it, find a tenant, or need to cancel for some other reason before your year is up.
Optional Liability provides coverage if you're found legally responsible for an accident on the vacant premises, that causes injury to someone or causes property damage.
Agreed Loss Settlement (Total Loss)
If your vacant home is destroyed by a covered loss (a total loss situation), you receive the full amount of insurance you purchased on your home, minus any applicable deductible.
Actual Cash Value (Partial Loss)
In the event of a covered loss (a partial loss or partial damage), this covers the cost to replace or repair your damaged property, with a deduction for depreciation, which reflects the age and condition of your home, minus any applicable deductible.
If you rent your property, and it goes vacant between tenants, you can cover it with a Vacant Home policy. When someone moves in, we can easily endorse it to a Landlord or Owner-occupied policy, all without having to cancel the policy or write a new one.