Vacant property insurance is a very important policy to consider getting if you own a piece of property that you are not currently living in or if you have a rental property that is currently unoccupied. This is because this type of insurance policy can help protect you from some of the risks that can come up when you have a piece of vacant property, such as vandalism. Listed below are three reasons to consider vacant property insurance.
A Vacant Property Is At Risk
One of the biggest reasons to consider vacant property insurance is that any piece of vacant property is at increased risk of being broken into or vandalized. As a result, it is a good idea to have this type of insurance policy because it means that you can still file a claim and have the vacant property repaired without having to pay for the repairs out of your own pocket.
You Can Still Be Held Liable For Accidents
Another benefit to vacant property insurance is that it will protect you from any liability, which is very useful because even if you are not living in the home you are still liable if anything happens to an individual in that whole. For example, if someone visits that empty home and ends up getting hurt, then there is a good chance that you could end up being held liable and having to pay for those medical bills. However, if you have one of these policies in place, the insurance company can cover those medical expenses.
The Policy Can Be Cancelled At Any Time
Finally, vacant property insurance is a good option because the policy can typically be canceled at any time. For example, you could buy a policy to cover your home while you are looking for a new renter or buyer for your home. Once you find someone to move into the hole or buy it from you, you can simply call your insurance agent and have the policy canceled with you only having to pay a prorated cancellation fee that will be based on how long you had the policy for canceling.
In addition, you can often convert these policies. For example, if you were to decide to move into the home yourself rather than sell it or rent it out, you can often convert your vacant property insurance into a home insurance policy without there being a lapse in coverage.
Speak with your insurance agent today in order to discuss the possibility of getting vacant property insurance and to determine just what this type of policy will cover. You will want to consider vacant property insurance because a vacant property is at risk, you can still be held liable for accidents, and the policy can typically be canceled at any time. For more information, contact companies like Unoccupied Property Ltd.