When to buy empty house insurance

Depending on your normal apartment insurance plan, your insurance company may not cover you if they can prove that your house was unoccupied for a long period of time at the time of an accident or robbery. If you plan on leaving your home unoccupied for more than 30 days, it’s a good idea to look into empty house insurance.

Common scenarios that result in an unoccupied home

Expert criminals might take notice if you go on vacation, particularly if you live in a ritzy neighborhood. Letting your insurance company know before you catch the plane to Tahiti will help keep your mind at ease while you’re away. Also if you rent out your property to tenants who move out, you’ll need empty house insurance to cover the property until someone new moves in. Additionally, if you vacate your house for renovations you’ll need to pick up empty house insurance.

How to get discounts on your empty house insurance premium

Be sure you ask for discounts after informing your insurance company that you’ll need to pick up empty house insurance. Many insurance companies offer a discount on properties equipped with a high-quality security system. Also, sometimes the insurance company will reduce the cost of empty house insurance if you hire someone to check on your house every now and then.

Types of empty house insurance coverage

  • Contents Insurance – This type of coverage protects everything inside the house when it’s empty. Squatters target unoccupied houses and damage property, so this kind of insurance is good to have– especially if the property is located in an urban area.
  • Building InsuranceBuilding insurance covers damage to fixtures, walls, ceilings, etc. Basically if it’s in your house and doesn’t move, it’s covered if you have building insurance. Damage to the structure of a building is often expensive to repair, so be sure that your empty house insurance plan includes building coverage.
  • Water Damage – Water can cause extensive property damage. Mold and rot alone can ruin a house. Protect yourself against floods and broken pipes by making sure that your empty house insurance includes water damage coverage.

Get multiple quotes before you buy

Many companies offer empty house insurance, so it makes sense to see what your options are before you buy. If you know the value of your home and its rebuild cost, you can quickly get a handful of home insurance quotes online in a matter of minutes. When you do your research, though, make sure you look at more than just the bottom line. An insurance company’s reputation is just as important as the premium cost. Shady insurance companies that refuse to make payments to their policyholders should be avoided at all costs. Be sure to check message boards, talk to your friends and/or consult with an insurance broker before you decide.