Investors and residential homeowners may at some point have a property sitting vacant. Owner-occupied properties may be traded in for larger dwellings, but sit empty during or recently after the transition. Extensive repairs or upgrades may also require that a homeowner leave a property vacant for a long period of time. Investors may have a property sitting vacant in between renters or while the home is waiting to sell.Homes owned by the settling estate of a decedent may also be left empty for an indefinite period of time. Unattended property can be a target for man-made and natural perils. Many insurance companies offer vacant home insurance which protects the property from various unexpected hazards that can occur when a home is temporarily unoccupied.
Protecting Your Property
Fire, lightning, wind, and hail can cause considerable and expensive damage to property. In the time that it takes the owner to repair the damage out-of-pocket, prospective buyers or rental income could be lost. Empty homes can also be targets for vandals and thieves, and during politically volatile climates, vacant properties can be particularly vulnerable. Insurance companies generally have varying policies with different deductible amounts to accommodate the required business need. Damage to property that is out of sight could mean loads of stress on your mind. Protect your property with vacant property insurance.