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Insurance companies do not like vacant property. For them it represents a much higher risk than occupied property (damage, vandalism, theft, etc.). So, there are set limits as to the number of days your home can go unoccupied before they will automatically change coverage to unoccupied property insurance (as little as 30 days in some instances).
Unoccupied (or vacant) property insurance basically greatly reduces the amount of insurance on the actual structure and greatly increases the amount of liability insurance.
If you know ahead of time that your absence from home will exceed your company's set limit of days before automatically changing to unoccupied property insurance, you will likely be able to pay a set fee to maintain your full coverage until the time of your return.
There are other circumstances in which this insurance may be necessary other than just an extended absence. For instance, if you home becomes unlivable because of repairs or renovations or property in which the original owner is deceased and it has gone into estate to be sold at a later time.
If unoccupied property insurance becomes a necessity for you, there are means of reducing the premium costs. If you have been with your insurance company for some time, you may qualify for a loyal customer discount. It's worth checking into.
It's always a good idea, when dealing with insurance, to do a little shopping around. For some reason people don't think of doing this, but the chances are pretty good you can find some savings by getting some comparison quotes.
Another way to save some money is to install a security system on the property. Believe it or not, there are some relatively inexpensive systems available and they could easily pay for themselves in a pretty short time with the savings they provide. Be aware also that unoccupied property insurance is not even a possibility with some companies with a security system already present.
Finally, you can also increase your policy's deductible. Just understand how this works. An increased deductible means the amount you will pay each month is lower. But it also means that if a claim is ever filed you will have the amount of your deductible before the insurance company kicks in any funds.
Unoccupied (or vacant) property insurance basically greatly reduces the amount of insurance on the actual structure and greatly increases the amount of liability insurance.
If you know ahead of time that your absence from home will exceed your company's set limit of days before automatically changing to unoccupied property insurance, you will likely be able to pay a set fee to maintain your full coverage until the time of your return.
There are other circumstances in which this insurance may be necessary other than just an extended absence. For instance, if you home becomes unlivable because of repairs or renovations or property in which the original owner is deceased and it has gone into estate to be sold at a later time.
If unoccupied property insurance becomes a necessity for you, there are means of reducing the premium costs. If you have been with your insurance company for some time, you may qualify for a loyal customer discount. It's worth checking into.
It's always a good idea, when dealing with insurance, to do a little shopping around. For some reason people don't think of doing this, but the chances are pretty good you can find some savings by getting some comparison quotes.
Another way to save some money is to install a security system on the property. Believe it or not, there are some relatively inexpensive systems available and they could easily pay for themselves in a pretty short time with the savings they provide. Be aware also that unoccupied property insurance is not even a possibility with some companies with a security system already present.
Finally, you can also increase your policy's deductible. Just understand how this works. An increased deductible means the amount you will pay each month is lower. But it also means that if a claim is ever filed you will have the amount of your deductible before the insurance company kicks in any funds.
