I didn’t realize that my wife and I may need vacant home insurance after deciding to become landlords until a family member mentioned it. You are at risk of violating your homeowner’s insurance policy if you move out, no one is living in your home, and you do not have the right insurance coverage.
You run the risk of having a claim denied because you did not keep your insurance company informed of changes to your situation.
What Is Vacant Home Insurance?
Vacant home insurance is just what it sounds like. When you move out of your home and it has been vacant for over 30 days in most cases (60 days with some insurers), you need to have a different type of homeowner’s insurance policy protecting your structure.
Vacant homes are often the target of vandals, thieves, and other criminals. And, vacant homes are also subject to burst pipes, flooding, and possibly fire without you realizing it because you are not there to check on your property.
Vacant home insurance is often a higher cost than your typical homeowner’s insurance that you have been paying while actually living in the home. Do not make the mistake of not informing your insurance company of the change.
Doing so can be grounds for denying a claim if you have to file one. Or, you could even face a cancelation of your homeowner’s insurance policy.