As a homeowner, you’re required to maintain a certain amount of insurance coverage to secure your home’s structure and the other elements inside. However, not every piece of property is occupied all the time. At some point, you may find yourself in possession of a home, office, or other space that won’t be in use for a while. These spaces require special protection from specific threats — and a reliable insurance provider is your best bet to keeping your property safe long-term.
In this article, we’ll define vacant property insurance, list its uses and benefits, and provide guidance for securing your own plan.
What counts as “vacant property?”
Before diving into the coverage terms for most plans, it’s important to understand what is meant by the term “vacant property.”
While the words “unoccupied” and “vacant” are often used interchangeably, these mean separate things. Homes are only unoccupied for shorter periods of time throughout the year, and unoccupied properties still contain furniture and other personal property inside during that time. However, vacant property is set to be entirely out-of-use for a longer amount of time. This is most often for a specific reason – for example, the owner may be selling while already having moved out.
The exact terms that define a property as “vacant” for insurance purposes vary from provider to provider, but the rules are most commonly set at one month or more without occupancy.
Risks that come with vacant properties
Insurance policies are usually acquired in the interest of protecting both the home’s structure and its contents. If this is the case, what’s the point of a vacant home insurance plan?
Because the home is visibly empty for a long amount of time, it’s more prone to specific threats than other properties — the most prominent being vandalism. A separate insurance policy could be the difference between large amounts of damage and a safe and functional source of income.
How vacant property plans work
The specifics of vacant property plans also vary from provider to provider. While they are most often issued separately from any other main insurance coverage, some agencies and brokers consider it as an add-on to existing property coverage. Regardless, it’s important to ask your agent about the options available to you.
Secure vacant property insurance with a reliable provider
If you’re in possession of a vacant property in Pennsylvania and need coverage ASAP, Superior Insurance & Auto Tags is the resource for you. We offer plans separate from your original home insurance policy for ease of organization. Our agents would be happy to assist you in securing your out-of-use property for as long as you need coverage. Contact us today through our website for a free quote or to learn more about our various plan types.