If you have moved out of your home for a renovation project, your regular homeowners insurance policy may not cover you. Considered to be a vacant property, your home needs a vacant property insurance policy. When you think of vacant buildings, the first thing that comes to mind typically, is the abandoned warehouse in the inner city. It is a vacant property, and so is the shopping mall that is less than 35% occupied. Your vacation home that sits empty during the off season months, also falls into this category. If you are selling your home and move out before it sells, it is considered to be vacant.
Remodeling your home is exciting and can be a long process. If the renovation is large enough, or has a significant impact on the living spaces in your home, you may need to temporarily move out. During this period of time when you are living somewhere else, your homeowners insurance policy will not cover any loss or damage your home may experience. Because it is considered a vacant property, most insurers will not cover you. Before you begin the project, it is important to acquire a vacant home insurance quote.
Vacant building insurance policies can be taken out for as little as 3 months. Increasing in 3 month increments, 3, 6, 9 and 12 months, the policies range from $30 per square foot, to $60 per square foot. The temporary policy will cover you for property loss, vandalism, theft and water damage caused by broken pipes. It only takes a few minutes for a band of thieves to come into your empty home, stealing the new appliances, all of the copper tubing, and personal belongings, leaving a path of destruction, behind them. Replacing those items and making the necessary repairs can destroy your remodeling budget, and your peace of mind.
Your summer home is wonderful during the summer. The kids learned how to swim and water ski in the lake, and they were lifelong friends with the neighbors next door. Each fall you go to the summer home to close it for the winter. At that moment, it is considered to be vacant property. You may not revisit the home again until spring, when you reopen it. Go to www.vacantbuildinginsurance.org for a vacant home insurance quote, and rest easier knowing your property is covered while you are away.