There are many reasons to get vacant home insurance, it is not only for protecting your investment but also helps you to save money. If you are thinking to sell your property or you are living in a rented house and you are planning to buy a new house then vacant home insurance will be a great option for you.
If you don’t have the vacant home insurance then you will need to pay the full cost of your house and you will be responsible for paying the loss caused by fire, theft, and other natural disasters. But, if you are already having vacant home insurance then you will get some benefits like free service, insurance cover for up to 2 years, etc.
Benefits of Vacant Home Insurance:
If you are buying a house or planning to sell it then you should consider getting vacant home insurance. Vacant home insurance is also called “vacant property insurance” or “flood insurance.” If you are going to rent out your house or plan to live in it for a long time then you can also consider getting this type of insurance. Here are some of the benefits that you will get if you have this insurance:
Free Service: You will get free vacant home insurance coverage for up to 12 months and you don’t need to pay any premium during that period.
Insured Property: If your house is vacant then you are not considered as an owner of the property and so, the property is not insured by the insurer. So, if there is a fire or a theft then the insurer can’t claim any amount from the owner. For example, if you are buying a house and you are living in a rented house and planning to buy a new house then you should consider getting this type of insurance so that your current house is covered by the insurer and you will be protected from losing your money.
No Waiting Period: You don’t need to wait for more than 2 years for claiming the benefits from the insurer.
No Pre-Existing Condition: If your property was damaged by fire, theft, or any other natural disaster and you want to claim the benefits then you should have this insurance. This is because it will protect you from any future loss caused by a natural disaster.
Guaranteed Coverage: You will get 100% coverage for your property if it is vacant. For example, if your house is vacant and there is a fire then the insurance company will cover the damage that it causes. For instance, if the total loss of your house is more than $1,000 then you will get the same amount as the total value of the house.
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Things that you need to consider while getting vacant home insurance:
Property Type: You should choose the right type of property. For example, if you are buying a house then you should select the vacant house insurance policy. In this case, you will get 100% coverage of the property and no waiting period. But, if you are going to rent out the house then you can select the vacant rental house insurance policy.
Coverage Amount: You should also choose the right coverage amount. For example, if your house is worth $20,000 and you have chosen the coverage amount as $10,000 then you will not get any benefits in case of any loss. In this case, you have to pay the full amount of your property and you will not be able to claim any money from the insurer.
Dwelling Units: If there is more than one dwelling unit in the property then you need to select the right type of insurance. For example, if there are 2 units then you should select the vacant house insurance policy. You will get 100% coverage of your property and you will get no waiting period.
Coverage Period: You should check the coverage period of this policy. You should select the policy that offers you more than 1 year of coverage. This will protect you from facing a situation in which you have to pay the premium for a whole year.
Area: If your house is located in an area that is prone to natural disasters then you should consider getting this type of insurance. This will protect you from losing your money if your house is damaged by a natural disaster.
Reputation: You should check the reputation of the company that is offering you this type of insurance. For example, if you are going to buy the policy from a reputed company then you will not face any problem. In this way, you can save time and money as well.
Foremost Vacant Home Insurance:
Foremost Vacant Home Insurance policy provides coverage for both vacant house insurance and vacant rental house insurance. It covers 100% of the property and has no waiting period. It also provides full coverage of the house. The policy also offers complete coverage for the area in which your house is located. So, you don’t need to worry about the cost and it doesn’t affect the total value of the house.
This insurance policy is available in 2 different packages.
Vacant Home Insurance:
The first package is vacant house insurance.
It is available in 2 different types:
- Standard package
- Platinum package
These 2 packages differ from each other in terms of the number of units that you can cover under the policy. If you want to select the standard package then you can get up to 7 residential units under this policy.
If you want to select the platinum package then you can get up to 20 residential units under this policy. You should choose the right package that suits your needs.
Vacant Rental House Insurance:
The second package is vacant rental house insurance.
Certainly, this insurance policy also provides coverage for vacant house insurance.
It is available in 2 different types:
- Standard package
- Platinum package
As with the standard package, the platinum package offers coverage for up to 20 residential units. It provides you complete coverage for the rental area in which your house is located. In addition to this, the premium rate is much lower than the premium rate of vacant house insurance. So, if you are looking to cover more units then this is the best option.
You can either buy this insurance online or offline. If you are buying this insurance offline then you should make sure that you choose a reputed insurer. For example, if you want to get a vacant home insurance policy from Foremost then you should check out their website so that you can see the details of their policy.
Vacant Home Insurance Coverage Types:
Because the vacancy period may vary from year to year, it is important to understand what is included in the different policies. In order to make things easier, the coverage types are explained in detail below.
You should check each type of coverage carefully before choosing the one that suits your needs. The different coverage types are described below:
Loss of Use: This type of coverage will cover the cost of repairs for your property. The payment for this will be made directly by the insurer. However, this type of coverage is only available in the standard package. If you want to cover more units then you need to buy the platinum package.
Loss of Value: This type of coverage will cover the cost of repairs for your property if it gets damaged or destroyed during the vacancy period. In this case, you will get paid for the value of your house at the time of vacancy.
Contents: This type of coverage will pay for the cost of repairs for your home if it gets damaged or destroyed during the vacancy period. In this situation, you will get paid for the damage or destruction of your property.
Buildings and Structures: This type of coverage will pay for the cost of repairs for your house if it gets damaged or destroyed during the vacancy period. It will also pay for the cost of removing debris or cleaning up after a flood or windstorm.
Loss of Rent: This type of coverage pays for the cost of repairs for your house if it loses money because the owner is not occupying it. In this case, the owner will pay a fixed monthly amount that is agreed upon when you purchase the policy.
In addition to this, there are 2 other types of coverage that are provided by vacant home insurance policies. These types of coverage are –
Criminal Damage: If someone is responsible for breaking into your property and damaging it, then this type of coverage will pay for the cost of repairing the damage. In this case, you can get the claim processed even if you are not at home at the time of the break-in.
So, if you are planning to sell your house then you must buy vacant home insurance for you and your family as it is an easy way to protect your investment. So, here we are going to share with you some simple and effective tips that will help you to get vacant home insurance without any extra cost.
Vacant home insurance is not only for protecting your investment but it also helps you to save money. So, if you are thinking to sell your house or you are living in a rented house and you are planning to buy a new house then vacant home insurance will be a great option for you. So, follow the above-mentioned tips and buy vacant home insurance as soon as possible.