Leaving your property unattended or unoccupied is full of risks. It can get damaged because of natural disasters like hurricanes, storms, or you can also lose valuable stuff because of vandalism (theft). To avoid these risks you have to ensure that you have the vacant property insurance. Vacant land insurance is very important in different kinds of scenarios may it be for an empty house or for a commercial/business building.
Vacant property insurance which is also known as the property insurance unoccupied is the type of insurance which covers all sorts of losses and damages to your property when you are on a vacation. Most people think that having a simple home insurance or commercial property insurance would suffice but this is not true in actuality. Having these insurance policies would do you no good in case the property is vacant.
If you are wondering do you need insurance on vacant land then you need to read on. Below we discussed who should get this kind of insurance?
Why should you get vacant property insurance?
Here we have discussed why one should get this kind of insurance:
Landlords who have unrented places
People who have houses or apartments that are on rent most of the time would need this kind of insurance between two tenants. This would cover any damages to the property in between finding another tenant.
Homeowners who have purchased new house
If you are not planning on moving to your newly purchased house for sometime then you would need to get an additional vacant property insurance along with applying for the short term home insurance policies.
House flippers who casually use their homes
If you have multiple properties that you use or occupy at different times of the year then you need to get this insurance for all of your houses when they are not in use. Say if you have a summer house that you only visit once a year then you need to get it insured so that you can get coverage for any losses that occur throughout the year.
House owners who are planning on selling their property
Vacant land liability insurance should be purchased by people who have moved out of their houses and are planning on selling the property. The empty property must be insured till the time you find a buyer for it.
People who are staying at a friend’s place
If you are planning on staying at a friend or family member’s place for some time then it is important that you contact the best vacant property insurance provider and get your empty house insured for the time you would be leaving it unoccupied.
Homeowners who are moving out for renovations
Vacant property insurance should also be purchased if you are planning on leaving your property for renovations and repairs. Regular home insurance isn’t going to cover any damages that occur during the renovation time if you are not living there.
These are some of the situations and reasons to get this insurance!