If you’re one of the thousands of people that have had to put their home up for sale, or simply will not occupy it for a certain period of time, you’ll need to switch your current homeowner’s insurance policy to a vacant home insurance policy in Florida. This insurance typically provides basic property and liability protection. You should use the following tips when insuring a vacant or empty home:
Review your coverage options
Because empty homes tend to become victim to acts of vandalism you will need property insurance, which will cover any physical losses and damage to the home. Liability insurance will cover you if something happens on your property that makes you legally responsible for the event, and flood coverage is usually an extended policy that protects your home in the event of flooding.
Determine whether your home is eligible
Different insurance providers will have different eligibility criteria for extending a vacant home insurance policy to a homeowner. In many cases one of the following will apply:
- Your home must be vacant for less than a certain number of months
- Will be up for sale
- Will be in the name of an estate property, or
- Will be under renovation for a certain period of time
Your insurance provider will determine whether your home is eligible for vacant home insurance coverage during your consultation.
Make sure you review the insurance contract in detail and understand what types of exclusions apply to your policy, because abandoned or neglected homes are not covered under the vacant home policy. Since vacant home insurance in Florida is usually priced on risk, different insurance providers may use a different formula when performing a risk assessment on your property. Speak to an agent to determine what best fits your needs.