Unoccupied property insurance is one of the lesser known policies within the realm of residential ownership, and being a homeowner is a tremendous responsibility for those who know what they are getting into. For the uninitiated, the requirements for successfully owning and maintaining a home can be quite detrimental, especially for those who travel on business for a majority of the year.
This causes their residential investment to go unoccupied for extended periods of time. What countless homeowners don't recognize is the fact that standard insurance policies may not cover a home with no occupants residing there for thirty days or more.
Should something go wrong (knock on wood), what action can you take? If you do not have unoccupied property insurance, you are going to shell out all expenses from your own bank account. The purpose of unoccupied property insurance gives you mental comfort when things go wrong during a particularly long absence from your dwelling.
Also referred to as dwelling insurance, unoccupied property insurance only protects you from very specific instances. A few of those instances are damage from nearby vehicles, hail, accidental explosions, damage associated to smoke, lightning strikes, and accidental fires. What is typically never covered is damage resulting from a broken water pipe, and any other sort of water-related troubles. You'll have to be on your own too, from vandalism or theft, as these occurrences are not covered as well under an unoccupied property insurance policy.
Prepare yourself to take on higher than normal insurance premiums if you sign on for unoccupied property insurance. Because no immediate caretaker is present on the premises, the risks of an adverse event occurring are greater than usual. The event could be noticed much too late to attempt any sort of emergency intervention to lessen the incurred damage, and claims are almost always made well after the fact.
Taking the time to talk with several insurance agencies which provide unoccupied property insurance prevents you from jumping haphazardly into a policy you may regret down the road. Ask every question you can think of, as it pertains to your unique situation. Listen closely to what you're told. They are professionals in their field, they've undergone training and are veterans when it comes to what insurance does and does not provide for.
Don't be afraid to talk to more than one insurance agent within the same company. Not only is the policy important to you, but the ongoing relationship you have with an agent should be just as beneficial also. Are they the type of professional that is always difficult to get a hold of? Do they, at the very least, return your phone text messages? Can they respond to your emails inside of the requisite twenty-four hour window?
Comparing providers against each other lets you see what coverages will be to your best benefit. Do not rush to select a policy just because you're leaving for a trip soon. Put in the time to select an ideal coverage plan, and you won't have to deal with buyer's remorse when you need to make a claim.
Should your job or recreational pursuits involve being away from your home for more than thirty days, unoccupied property insurance might warrant serious consideration. After getting your policy secured, you can sleep easier, no matter where in the world you happen to be.
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