Is There a Special Type of Insurance for Vacant Homes?

Owning a vacant home presents unique challenges. Whether you’ve inherited a property, are in the process of selling your home, or have a rental property between tenants, it’s crucial to understand the insurance implications.

Understanding Vacant Home Insurance

A vacant home is more susceptible to risks such as vandalism, theft, and damage from undetected maintenance issues. Consequently, standard homeowners policies typically reduce coverage or exclude specific perils if the home is unoccupied for a prolonged duration. In contrast, vacant home policies are a specialized policy offering coverage for properties unoccupied for an extended period (commonly 30 to 60 days or more).

Key Features

Vacant home coverage may include the following:

• Dwelling coverage may cover your vacant home’s physical structure (e.g., roof, walls and foundations) against risks such as fire and flood damage.
• Vandalism and theft coverage may cover the cost of repairs or replacement of items damaged by vandalism or stolen during break-ins.
• Liability coverage may provide coverage if someone is injured on your vacant property and sues you for damages.

Vacant home policies can be tailored to fit the specific duration your home will be unoccupied, offering flexibility and comprehensive protection.

How Much Is Vacant Home Insurance?

Numerous factors influence the cost of this insurance, such as your property’s location, type, condition and the duration it will be unoccupied. Dean Olson Insurance Agency can provide a personalized quote to meet your unique circumstances.

Vacant Home Insurance in Shoreview, MN

Having coverage for your vacant home is a crucial consideration for any homeowner with an unoccupied property. It addresses the risks of leaving a home vacant and provides the necessary coverage to protect your investment. Contact Dean Olson Insurance Agency today to find out more.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.