Selling your home
can be a stressful process, especially when it doesn't move quickly. With a new job looming or the purchase
of a new house, you may have no choice but to leave the home vacant for a short
time until it sells.
The problem? Vacant homes fall under different
insurance rules and can leave you at risk. Homes are typically considered vacant
when the utilities are shut off and/or furniture has been removed. If you forget to tell your agent that your home is vacant, you might not
be covered in the event of a loss
Insurance companies
view a vacant home as a higher risk. There are more opportunities for
vandalism and no one living there to protect the home from fire or storm
damage.
So what should you
do when moving?
First you need to
talk to your insurance agent and get the details on your policy. Since policies vary by state and
insurance company, there is no single right answer. Sometimes an insurance company can make an
exception to your current homeowners policy if you give them a heads up ahead
of time.
If you do have to
purchase a separate policy to cover your home as a vacant home, many carriers
allow you to do this for a shorter period of time such as 3, 6 or 9 month
increments.
Explain the
situation to your agent. Ask what coverage is included and what
is excluded (specifically for vandalism). Also, you want to find out what
changes can be made to protect your home. For example, investing in an
inexpensive alarm or camera system might help not only in the insurance cost
but also in your peace of mind. You can also look into having your real estate
agent or a property manager periodically check in on the property every few days to be sure that the house is okay.
Selling a home
doesn't always follow a quick timeline. If you're facing the possibility of leaving
your home vacant, contact us first and find out how to
best protect yourself and your property.
At the Bryan
Insurance Agency, we are the leading agent for vacant homes and homes under construction
in the Hudson Valley and Long Island. Contact us for a quick tips sheet on how
to keep your home safe. You can reach us at 888-565-2212 or online at http://www.bryanagency.com
No comments:
Post a Comment