Why is Unoccupied Home Insurance Necessary?

Whether you’re planning to sell or on a holiday, here’s how you can cover the risk of loss at your unoccupied home.

Unoccupied home insurance covers the home when it’s not under the standard policy. You get unoccupied home insurance when it’s empty for more than 60 days. Anything happening outside the period won’t be covered. When your home is empty for that specific time period, it can lead to many damages. For instance – if the pipe bursts and no one is there to handle the repairs. We all know that an unoccupied home carries a high risk of structural damage. If there’s no one, the effect is highly damaging. If you’re stuck somewhere, and the home is unoccupied, it’s a risk for you. For this, you need to check out the home insurance guide.

Things Covered Under Unoccupied Home Insurance

Unoccupied property insurance covers the following –

• Fire damage, storm damage, or any natural disasters might occur when you’re away.
• Escape the oil or water. If the pipe leaks or bursts, somewhere in the house.
• Attempted theft or burglary. If someone breaks into your home and steal your belongings.
• If criminal damage occurs i.e. vandalism.
• If the legal expenses for the removal of trespassers and squatters. This might lead to personal identity theft.
• If there’s public liability insurance i.e. damage is caused by a property that you’re responsible for. If a roof tile falls, it breaks your car window. This is included in the insured documents.

Unoccupied home insurance varies between different providers. The firms are not going to provide you the same levels of cover. You must read the policy documents before buying.

What won’t be included in the unoccupied home insurance?

The unoccupied property insurance won’t cover the following –

• Any unforced entries. If you leave the windows and doors open, thieves will get inside. This would be without forcing any entry.
• There are a few insurers who refuse to cover incidents that happen during repairs. It might be during the extensions of the home’s structure.
• If you’ve hired contractors in your unoccupied home, this won’t be covered in the insurance. Contractors must have their own insurance for damage coverage.

Who can go for unoccupied house insurance?

There are various reasons why a home stays empty. It can be temporarily unoccupied due to –

• Sale purpose. It’s for sale and you’ve moved to a new house.
• It’s not in the main place of residence. It’s a holiday home from your ancestors.
• You just purchased it and don’t wish to move immediately.
• You’re on a long vacation.
• You’re a landlord between tenants.
• You’re into long term medical care.
• You’re waiting period is probation.
• The building is under renovation. It might not be a safe place to live in.

All the above reasons might be the reason to go for unoccupied house insurance. The cost of unoccupied home insurance may vary between policies and providers. The average price of coverage might be when the home is empty for 30-45 days. The exact cost might be higher or lower depending on –

• Property value
• Property location
• Property security
• Property maintenance
• Coverage level

That’s the beginner guide to unoccupied property insurance. It’s time that you unlock more things about the same. Research online. Explore well.