A vacant property is a house that is currently not occupied by anyone or tenants and is often uninhabitable or not in use. Many standard homeowners or rental insurance policies have specific conditions regarding vacant properties.
You may need insurance to provide adequate coverage against risks such as vandalism, theft, fire, and weather-related damage. This type of policy is specifically designed to cover properties that are empty for an extended period.
Properties can become vacant for various reasons, including foreclosure, relocation of owners, renovations, or the end of a lease agreement. Investors may also keep empty houses while they look for buyers or tenants.
Owners of vacant properties are responsible for maintaining the property to prevent deterioration. This includes regular inspections, lawn care, and making sure the property is secured to deter vandalism or unauthorized entry.
Vacant properties can also pose certain legal liabilities. If someone gets injured on the property, the owner may still be held responsible for damages, even if the property is unoccupied.
At PSIC, we offer Vacant Home Insurance to protect uninhabited homes that have been empty for more than 30 days. It provides coverage for the unique risks associated with owning an empty property.
We offer Vacant Home Insurance through our Basic Dwelling (DP1) policy. Whether you’re transitioning between homes, managing an inherited property, or preparing for renovations, we are here to help you find the right coverage tailored to your situation.
We encourage you to reach out to your insurance producer for the right guidance on this topic. They’re here to help you navigate your options and ensure you have the coverage you need.
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Last updated: June 27, 2023
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