Selling your home can be a stressful process, especially when it doesn’t move quickly. With a new job looming, you may have no choice but to leave the home vacant for a short time until it sells.
So is there a problem? Truthfully there can be. When you have a homeowner’s policy, on of the insurance company’s requirement is that the property is “Owner Occupied.” Since you no longer occupy the property, generally these now vacant homes fall under different insurance rules and can leave you at risk. Homes are typically considered vacant when the utilities are shut off and/or furniture has been removed.
Insurance companies view a vacant home as a higher risk. There are more opportunities for vandalism and no one living there to protect the home from fire or storm damage should they occur.
So what should you do when moving?
First you need to talk to your insurance agent and get the details on your policy. Since policies vary by state and insurance company, there is no single right answer.
Explain the situation to your agent. Ask what coverage is included and what is excluded (specifically for vandalism as well as water damage). And find out what changes can be made to protect your home.
Selling a home doesn’t always follow a quick timeline. If you’re facing the possibility of leaving your home vacant, contact us first and find out how to best protect yourself and your property.
We are always here to answer your questions. Call 816-795-5977 or email firstname.lastname@example.org