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Learn About Insuring Vacant Homes
By Groshan Fabiola
Homeowner’s insurance is something that every homeowner must have in place at all times. But one issue concerning homeowner’s insurance has been occurring a lot lately and causing a variety of problems for homeowners who have a bought a new home yet have not sold their old one yet.
And that is the issue of insuring vacant homes.
In today’s market, it is not uncommon for homeowners to buy a new home without selling their old one first.
It is taking longer and longer for a home to get sold nowadays, so this problem is not uncommon for people to move into their new home while their old one remains vacant for some time.
The problem with this is that many insurers will not insure a vacant home because there is a greater possibility that something could happen to it.
A February 25, 2007 article by Steve McLinden of Bankrate.com, “Vacant home for sale carries insurance dangers,” discusses some issues that could arise when attempting to insure a home that is un-occupied.
The reason why this issue of vacant homes needing to be insured is becoming such a hot topic lately is because so many are now just sitting on the market due to the lack of activity in many areas.
Many insurers do not want to take the risk of insuring these types of homes, although most of the time it is fine and nothing happens to these homes while no one is staying in them.
“Insurers in general don't like to cover vacant homes. That's because such occurrences as theft, vandalism, fire and water damage are far more likely to happen in vacant houses than occupied ones and the resultant damage is more likely to be worse because no one is around to report it or stop it.
Most insurers will simply stop coverage all-together when a home becomes unoccupied for
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