Simply Explaining Insurance #88- Vacant Properties

This episode explains how insurance companies see vacant properties. Always consult your insurance agent or company as policies differ from company to company and state to state. Let’s say a property is vacant for more than 30 days, many insurance companies will exclude coverage for theft and vandalism.

If you are trying to insure a property that is vacant, you may need to write a vacancy policy which very few insurance carriers offer. If you have a property that has become vacant it is important to understand the new limitations of your policy.

There is also a difference between vacant and unoccupied. An unoccupied property may be a secondary residence, or it may be between tenants. It generally means that the property isn’t going long periods of time between checked on.