Vacant Property Coverage

There are many reasons a home may become vacant or unoccupied. Some examples are the need for a quick move to take job in another state, a divorce, and extended illness requiring a long hospitalization or rehab facility stay, etc. Most commonly it involves the death of the homeowner and a need for heirs, beneficiaries, or executors to take steps to insure a home that it no longer owner occupied. It usually does not occur to the average person that a vacant home is a significant insurance event for homeowners insurance. Coverage will quickly be cancelled or dramatically reduced in coverage level when a home is no longer owner occupied.

While a home might be “in a good neighborhood,” or “looked after” by a neighbor, friend or family member, not having the owner present at a residence can and often does result in a significant damage claim at the property. The chance of loss is so dramatically increased, a special type of insurance is required for a vacant property.

Only a handful of specialty insurance companies will underwrite these types of policies and even then significant restrictions on coverage will apply. We have a portfolio of companies that can place coverage up to and including Underwriters at Lloyds of London.