Is Your Home Unoccupied? Get Insured

Planning to go on an extended vacation? What about a long business trip? If so, you probably have a never-ending laundry list of things to prepare. Make sure you pack right for the weather, budget your expenses, reserve the hotel, book the flight, cancel the newspaper, forward the mail, set bills to autopay… Whew. Well, at least you know that if anything happens to your house while you’re gone, your home insurance provider has got you covered.

Actually, that may not be the case. Typically, for most people, home insurance policies only cover you if you’re actually at home. Though it ranges for each insurance provider, policies don’t usually cover homeowners who are gone for longer than 30 days.

After that, you need what is known as unoccupied home insurance.

The reason is because if a home is unoccupied for an extended period of time, the possibility of a catastrophe increases. Minor leaks can create mold, severed wires could turn into fire hazards and other similar calamities occur when a home is unattended to.

The longer you’re away, the lower the chances that you’ll be around to catch these budding problems and take preventative measures. This puts you in at a higher risk of having to file a claim, and we all know how much insurance companies like that.

Who Sells Unoccupied Home Insurance?

Since they’re seen as riskier policies than traditional home insurance, there are fewer providers. There’s a chance your current home insurance company doesn’t even offer unoccupied home insurance. The companies that do provide vacant home coverage usually charge a premium about triple what typical property coverage costs.

Another aspect you need to consider is that unoccupied home insurers don’t provide broad coverage like traditional home insurance coverage does. You need to buy specific coverage for certain events, such as fire protection, vandalism and other incidentals. Property owners have to be careful because many policies do not cover things such as water damage, theft and other incidentals. Never make assumptions when negotiating your empty home insurance policy.

Who Needs Vacant Property Insurance?

There could be many reasons why you would need to leave your home for over a month. Whether it’s for personal or business reasons, you need to evaluate whether adding an additional policy on top of your standard home insurance is practical. Even if it’s not, maybe you’re willing to pay the extra money for added peace of mind.

If you or your home falls into one of these categories, you should consider if an unoccupied property policy is needed:

Frequent long trips: Maybe you think you can get by for just one long trip, but if you’re taking multiple lengthy trips a year at 30 days or more at a time, it might be a good idea to add some coverage to your home.
Selling your home: If you’re already moved out and your old house is on the market, the last thing you want is for some fluke accident to hold everything up. What’s worse, a major incident could destroy the value of the property you’re trying to sell.
Seasonal homes: Maybe you’re lucky enough to own a vacation home. Well then, good for you. What’s not good for you is if you aren’t there to prevent a significant mishap because you’re only there three or six months out of the year.

Alternatives to Unoccupied Home Coverage

While these may be alternatives, they don’t guarantee that you will be 100 percent protected should something happen. Discuss it with your home insurance provider if you’re still covered under your standard policy if you take these measurements.

Frequent stays: If you own a seasonal home or are selling your home, visit it at least once a month and have furniture and other necessities that make it seem lived in. It might be a little more inconvenient, but it could save you some cash in the long run.
House sitter: You can also opt to hire a house sitter. This eliminates a lot of the headaches such as taking care of pets and forwarding mail. Ask your home insurer if your policy is still valid if you hire a house sitter.
Rent or sublet: This allows you to make a little money and keeps someone living in your house. Just make sure you trust the person you’re leaving your home to.

If these aren’t viable options, perhaps you may have to bite the bullet and get unoccupied property coverage for your home. Don’t lose sight of the big picture in trying to save a few dollars on a premium while your house falls apart: If you do decide to buy coverage, make sure you thoroughly review what your home insurance policy covers and feel comfortable that the protection is adequate. Last but not least, shop around!

Do you ever leave your home unattended for long periods of time? How do you protect it?

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