Homeowners’ insurance exists to protect your primary home from potential financial losses from fire, theft, or other unexpected circumstances. If you have a vacant property for months or weeks on end, you may be wondering if the policy still covers that particular home should any damage happen.
There’s a possibility that the standard policy is not enough to cover a property that’s not your primary residence.
So do you need vacant home insurance in Florida? Read on and find out:
What Is Vacant Home Insurance?
Vacant home insurance is an additional coverage meant to keep you protected when your main home is unoccupied. If you are a landlord who has unoccupied properties while they await new tenants, you may be able to benefit from this coverage.
Other homeowners who may need a vacant home policy include:
- Those who work elsewhere, and have their homes unoccupied for long periods of time.
- Those who are going to be overseas for a long time.
- Those who are physically unable to keep their property for a long time.
Types Of Vacant Home Insurance
Depending on your needs, there are different types of vacant home insurance that you can choose from.
1. Renovation And Rehabilitation
This type of policy covers your home between the period of your home going under construction and the reoccupation period. If you’re going to be renovating or rehabilitating your home, you must have a policy that covers the period that your home is uninhabited.
2. Vacant Home Coverage
If you are temporarily leaving your home but plan to move back soon, consider getting vacant home coverage. It’s a flexible policy that will let you choose how long your home will be unoccupied.
This coverage is cheaper than a renovation policy but not cheaper than a standard policy.
3. Vacation Home
If you are planning to travel and want to rent your vacation home to someone for a certain amount of time, it’s good to have a policy that will cover it if anything unexpected happens.
When Is It A Must To Have A Vacant Home Policy?
Vacant home policies are not a must for everyone. It all depends on the reason for your home to be unoccupied. If you plan to go on vacation for a few weeks and leave your home with your valuables inside, then there’s no reason to have a vacant home policy. You may have a regular homeowner’s policy that will cover the period of your home being unoccupied.
If you’re planning to be overseas for a year or more, you may want to look into getting a vacant home policy because there’s the possibility that someone may break in and cause damage to your property. Some insurance companies will offer a vacant home policy lower than regular homeowners insurance.
Conclusion
Vacant home insurance in Florida is additional coverage for your home and can help you save on your premium. It is less expensive than a standard policy, but it all depends on the type of policy.
There are different types of vacant home policies, and it is essential to choose the right one so you can have peace of mind knowing that your property is well protected, even when it is unoccupied.
If you need vacant home insurance in Florida, New Jersey, Pennsylvania, Texas, South Carolina, Wisconsin, or Virginia, Quesurance can help you. Contact our insurance experts today to know more about our insurance solutions!
