Does Your Home Insurance Cover Your Empty Vacation Home?

outer banks homesIt’s that time of year … getting the Vacation home ready for its long winter rest. Everything is secure and put away, water is drained from the pipes and utilities are turned off. Your vacation home on the Outer Banks will be vacant until the spring sun starts shining again. But you may want to go one step further making sure your vacation home is insured when it’s vacant.

Insurance companies may view vacant properties as high risk. Even if it’s not your vacation home, homes may be left empty for a number of reasons, such as the property being for sale, undergoing renovations, divorce or aging parents.

Whether you’re at your primary residence or at your vacation home and it’s going to be empty for any extended time, you will need to know if your home will still covered. Some insurers may cancel your policy if your home is vacant for over 30 days (A vacant exclusion generally kicks in after a home has been empty for 30 or 60 days.).

Insurance companies may offer additional endorsements to insure unoccupied homes, if the owners know the home is going to be vacant for an extended period of time.  Depending on the insurance company, additional vacant-home insurance may be available in term lengths, generally from three months to a year.

To make sure you’re home and vacation home are covered, first read your policy. Talk with your agent and ask for them to explain if needed. Then ask what they suggest for coverage.

Find out now. If you have a claim and your insurance company finds out your home was vacant for any period of time, they may refuse to pay your claim

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