Vacant Home Insurance - Oro Valley Real Estate
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If you find yourself in possession of a house with no occupants, a vacation home, a retirement home or a home that you are planning to rent out someday, you may question whether it’s worth buying home insurance to protect it while it is vacant.
Here’s what you need to know:
If you have a loan or mortgage, it will come down to whether your lender insists that you insure your unoccupied home while you still do not own your home free and clear. It will be very difficult to find a lender who does not require unoccupied homes to be insured.
If you own your home outright, it is difficult to recommend in favor of letting home insurance lapse because nobody’s living in it. Uninsured homes can still be damaged by broken pipes and storms, they can still be broken into, and with nobody around to control the damages, there’s a lot that can go wrong.
You will want to look into vacant home insurance. This is a plan that can help you to get vacation homes covered, to cover your rental property between tenants, or help to keep you covered if you spend weeks at a time away from the house. Don’t expect a standard policy to provide a vacant home with the same level of coverage as it provides an occupied home.
If you leave a home, unoccupied or otherwise, uninsured, then any damages that befall the home will have to come out of pocket and will likely far outweigh anything you would have paid to maintain your policy.