If you’re considering heading south to escape the winter chill, ensuring your vacant home is properly protected is crucial. Whether it’s a seasonal property, undergoing renovations, or awaiting its new owner, safeguarding your property from potential damage is a priority. Here are 4 tips tailored for vacant property owners:
1. Secure the Right Coverage: Homeowners insurance policies often exclude coverage for properties vacant for 30-60 days or more. Differentiating between unoccupied and vacant properties is vital. While unoccupied homes are immediately suitable for occupation with personal property remaining, vacant homes have no personal items, furnishings, and utilities are shut off. Explore vacant home insurance products or add coverage to your existing policy through endorsement. Keep your insurance carrier informed about the vacancy to ensure claim payouts.
2. Install a Security System: Protect your property from theft, vandalism, or malicious acts by installing an alarmed security system. Beyond safeguarding your home, a central station burglar alarm system can earn you a discount with your insurance carrier. Provide your agent/broker with a certificate from your alarm company to maximize your savings.
3. Consider a Caretaker or House Sitter: Having a friend, relative, or hired caretaker stay at your vacant property is a proactive approach. Not only does this safeguard your home and belongings, but it also maintains an occupied status with your insurance, preventing vacant surcharges on your policy.
4. Upkeep and Maintenance: Regularly check utilities and implement preventative measures to avoid damage. An empty home is more prone to neglect, so ensure you have effective fire protection devices, such as smoke detectors, in each room.
Your property might become vacant for various reasons, but with the right coverage and precautions, you can navigate this winter season with confidence. Whether you choose a vacant home insurance policy or opt for policy endorsement, securing your property is the first step.
Questions? Let’s talk. Stay warm and protected this winter!
Opinions expressed in this article are solely the author’s opinion, not intended to provide the reader with legal or any other professional advice. Should you need advice or opinion, consult with a qualified professional to address your specific needs.