Due to the sagging real estate market of several years ago, many homes that were put up for sale often remained vacated. Sellers, unable to find buyers, had no choice but to leave these properties vacant for months on end. Unfortunately for those owners, an insurance provider would likely drop their insurance policy coverage under these circumstances. This is due to the simple fact that empty homes provide much greater risks according to most insurance experts.
Homeowners looking to insure a vacant home typically have the option of either buying an endorsement to their existing homeowner’s policy or purchasing a separate “vacant home” insurance policy, often available as special coverage through insurance companies in Connecticut. This is important since a vacant house appeals to thieves, as well as vandals, or squatters looking for shelter, particularly in areas with inclement weather.
Vacant homes also present numerous liability issues, including the possibility of injuries to persons while on the property. There’s the likelihood that neighborhood kids might discover that a house is empty and could wind up climbing over a fence and getting hurt. Older kids will often use a vacant home as a place to party and could break windows and be severely cut by broken glass.
Neglected properties also need to be covered
If you know that a house that you own is going to be vacant at some point you should notify the existing insurance agent of the change in the home’s status. This way, they can discuss your options with you, as opposed to you simply assuming that any existing homeowner’s policy will provide coverage under these circumstances.
Most policies have exclusions for homes that have been neglected, or abandoned, so that when a homeowner is not living in their home and doesn’t notify their insurance agent or company that the home is sitting vacant, any claim for property damage or liability under the homeowner’s insurance policy will likely be excluded. As a homeowner you should understand that an existing policy’s terms no longer apply once there is a change in status.
Other insurance options are often available to you. There are insurance companies in Connecticut that offer such endorsements. Most standard policies most likely will not cover certain types of damage once a home does become vacant.