Vacant Property Insurance

Obtaining insurance on a vacant property provides the protection that you need along with the peace of mind that you want so that you can rest easy even though no one is currently living in the home.

Properties that Qualify for Vacant Property Insurance

While the choice is yours, insuring a vacant property against certain types of damage is an essential part of home ownership. Homes that qualify for insurance protection designed for vacancies include:

• Homes for sale that are languishing on the market
• Foreclosed properties
• Vacation homes
• Rental homes that are currently in between tenants
• Inherited estate homes that are subject to sale
• Homes undergoing renovations

The factor that ties all of these homes together is that none of them have current residents in them. This type of specialized coverage is not obtainable through all insurers, and yet, it is an essential aspect of homeownership.

It is important to understand that an element of depreciation often exists in all home insurance policies. Therefore, the covered loss might reflect that aspect.

Manufactured homes and condominiums are also eligible for vacant property insurance as long as they meet our current eligibility guidelines and standards. All insured properties must show proper maintenance is being kept up, and the properties must be in fair condition or better in order to qualify for this type of coverage.

Types of Available Coverage for Unoccupied Homes

While some restrictions might apply, there are several different types of coverage and terms currently being offered for vacant homes. They include:

• Vandalism and malicious mischief – The home is insured against damage caused by willful acts of vandalism or malice.
• Named peril coverage – The policy specifically covers protection for the vacant home regarding any and all of the agreed upon (named) perils within the contract, including fires, hail damage, wind damage, lightning incidences, and explosions.
• Liability coverage – This type of coverage protects the policyholder against losses due to injuries/damages caused by an accident occurring at the vacant home for which the policyholder is held legally responsible.
• Agreed loss settlement – If a loss is incurred, the policyholder receives the agreed upon value of the settlement less the value of the agreed upon deductible.
• Actual cash value – In the unfortunate event that your vacant home is damaged in some way, your policy pays the cost to repair damaged property or replace components that have been fully destroyed.
• Annual policy term – Understanding the convenience of a full twelve-month insurance policy for vacant home protection, GLG provides an annual policy with flexible payment/renewal terms.