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Is your home unoccupied?
We have the solution to insure your vacant home! Our brokers specializing in vacant homes have a quick and easy solution for you.
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What is the difference between vacant and unoccupied house?
A house is vacant when you do not necessarily intend to return to it, such as in the case of buying a new residence without having sold your principal residence. An unoccupied house is more considered a temporary situation.
Vacant home insurance and unoccupied home insurance
Don’t forget to inform your REALTOR® if your home becomes vacant, it’s an important situation to report. You risk losing a lot if your insurer had not been informed. A regular insurer will give you a kind of vacation permit for a fairly short term. After we will be there to help you, we have solutions.
Example of a different situation that leads to a house vacancy:
- Succession
- Buying a new home
- Works abroad
- A legacy
Is the house vacant following an inheritance?
Has your insurer let you down following an estate that is longer than expected? We have solutions for you, we have a home estate insurance policy. Our home insurer will cover your home for the period of liquidation of the estate and until the sale of the house, according to its conditions of acceptance. Ask our insurance brokers who specialize in home insurance.
How to properly insure a vacant or unoccupied house?
Home insurance covers places of residence but not vacant houses. It is very common for people to not pay attention to the exclusion clause for this element on insurance policies. Indeed, this exclusion stipulates that any house that remains vacant for a period exceeding 30 days is excluded from home protection coverage. In other words, in the event of a claim, the insurer does not pay any compensation. And as a result, it would be wise to inform the insurance company in the event of a change of place of residence to benefit from adequate coverage.
It is therefore necessary to inform the insurer about the vacant home and it is the insurer who can accept or refuse to insure the premises. Acceptance is generally accompanied by a vacancy permit endorsement that is added to the home insurance policy initially taken out, in addition to an additional premium to compensate for the endorsement. It is also to be expected that there will be exclusions for vandalism, water damage or broken windows, among others.
The additional premium can be justified by the rider, but even more so by the risk involved, which becomes higher in the case of vacant houses. And this is also what explains the reduction in protection relating to elements that are usually covered, as was mentioned above. Insurers often reject empty home insurance because there is a greater risk of fire, vandalism, theft and other risks, as well as the risk of civil liability. To prevent such an inconvenience, it is recommended to contact an independent insurance agent who can compare the offers of several insurers before advising the customer on the best option offered in terms of unoccupied home protection.
For owners of vacant houses, they can think about selling an empty house so that they don’t have to pay for home protection for two houses. But to make the sale a success, it is in their interest to value the house to get the best possible price. Here are some tips to keep your property in good condition and to be able to resell it in ideal conditions and as quickly as possible.
- Regular visits to the vacant home or have it visited by a trusted person;
- It is imperative to take all the necessary precautions to limit water damage by closing the water inlets and emptying the pipes. Because it should be remembered that the roofing of a vacant house excludes water damage;
- It is imperative to keep the house heated during the winter season;
- It is also advisable to clear the entrance of snow during the winter;
- It is also necessary to think about the lawn by maintaining it, especially in summer, to prevent it from drying out and deteriorating;
- It would be appropriate to provide an automated system to market lighting;
- It is best to avoid removing the curtains, on the contrary it is recommended to keep them closed to preserve privacy inside.
Here are some cases that are insured:
For any owner of an unoccupied house that does not contain furniture or furniture, it can benefit from suitable insurance. Whether he intends to sell or rent it or the property in question is part of an estate, it is always possible to take out adequate coverage.
Such insurance can be a suitable solution for an investor who buys houses to resell them, all you have to do is go to an expert in vacant home insurance. Such protection covers legal and personal liabilities as well as the market value of the property.
It is advisable to take a close look at all the details of your home insurance and make the necessary changes to cover the unoccupied property. A well-maintained home makes it easier to access adequate coverage. You should remember to visit it regularly, as well as keep it well heated during the winter. Snow removal would be necessary to avoid blocking access to the house during the winter season, as it is necessary to carry out the necessary checks to avoid water damage. Finally, it is important not to forget to maintain the lawn well. Simple steps but which allow you to keep the property in good condition and encourage insurers to cover it adequately.
