What Is Vacant Home Insurance?

​A vacant home poses a higher risk of mischief. Through vacant home insurance, it may have the protection it needs. It covers empty houses that are either in the process of being sold or have ongoing repairs or renovations. It can be acquired as an addition to existing homeowner insurance or purchased as an individual policy.  Here are some essential points to knowing more about vacant home insurance. 

Homeowner Vs. Vacant Home Insurance
What differentiates the two is their length of coverage. The insurance protection in a vacant home applies for an extended period. Meanwhile, regular homeowner insurance covers you as long as you own and reside in your house. But both of these types offer similar protection from different disastrous situations. 

What It Covers
Knowing the risks that may affect your home and other properties is vital for your security.  Some of the covered perils of this insurance are: 

• Theft
• Vandalism
• Fire and Explosions
• Wind and Hail
• Lightning

Without someone maintaining your place amidst these risks, vacant homes have higher possibilities for damages. With this, risk profiles and premiums may increase. 

When Do You Need It?
Typically, you’ll need vacant home insurance when you need your house to stay empty. Situations that call for vacancies include being hospitalized, selling your home, and moving into a new place. Owning a rental or vacation property that becomes empty in free seasons also prompts vacancy. 

Purchasing Vacant Home Insurance
Deciding whether to acquire vacant home insurance or not has many considerations. You must first settle if you purchase it as an addition or an individual policy, depending on your situation. Then, consider the insurance costs and coverage options. Lastly, you have to determine how long you’ll be needing the policy. 

Conclusion
If you decide to purchase vacant home insurance, you must look at your property type and vacancy reasons. These things need to be considered so you can know which policy is right for you. The insurance policy that fits you depends on your situation and your choice of coverage limits, terms, and premiums. 

At AllRisk Auto Insurance,  we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (360) 693-4044. You can also request a free quote by CLICKING HERE.  Any coverage discussed is not guaranteed. Contact us today to go over your specific needs and we are happy to help you find a policy that works for you and your budget!