As a homeowner, you know that there are certain things you need to do to protect your investment. One of those is purchasing homeowners insurance. Of course, no one ever plans to experience a disaster, but when they do, it is crucial to have homeowners insurance. Homeowners' insurance companies offer various types of insurance that can help you rebuild your home and replace any belongings damaged or destroyed in the event of a fire, storm, or other covered incident.
There is one more type of homeowners insurance in Beaumont you may not know about, and that is vacant, unoccupied, or seasonal home insurance. Vacant, unoccupied, and seasonal homes are susceptible to the same types of disasters as any other home. These unattended homes can often be an easy target for burglars too. That is why you must have the correct insurance to protect your home, even when you are not there.
When does the house fall under the category of Vacant or Unoccupied home?
The house remains vacant when no one lives in it for a considerable period. The furniture, appliances, personal belongings, etc . are also removed from the home. Even the essential utilities like electricity and water are turned off or disconnected. As a result, the house becomes an easy target for intruders, vandals, and squatters. Despite this obvious fact, homeowners insurance companies avoid providing coverage to such homes. For instance, they most likely are not interested in offering coverage for vandalism or glass breakage, which are common concerns in the case of vacant homes.
On the other hand, if the house is unoccupied, it means that some people still live in it but not regularly. These people can be domestic help, security personnel, or tenants. However, if it remains unattended for 30 or 60 days with utilities still turned on, it falls under the category of an unoccupied home. Unfortunately, even in this case, homeowners insurance companies have limited coverage.
What is Considerable Seasonal Home Meant?
Seasonal homes are those that people usually visit during specific seasons or holidays. For instance, a house near a beach used only during the summer is referred to as a seasonal home. Similarly, a ski resort can be a seasonal home that people visit only during winters. People believe that their standard homeowners' insurance policy is enough to protect their seasonal homes. But the fact is quite different, a regular homeowners insurance in Harlingen does not provide any coverage to such homes. Therefore, you need to purchase an additional policy for your seasonal home.
There are individual policies for each, and you need to consult with your insurance agent to get the most comprehensive and affordable coverage.
How much does it cost?
A vacant or unoccupied house is slightly more expensive than your standard homeowners' insurance policy, but the price will vary depending on your location and the coverage you need. Also, the risk factor associated with it is the primary factor that makes it more expensive than standard homeowners insurance. For example, a house unattended for a long time is more prone to risks like theft, vandalism, and squatters.
Many factors will affect how much you pay for your vacant or unoccupied homeowners policy. For example, the type of home, the age of the house, the location of the home, and the amount of coverage you need will all play a role in your premium.
Vacant or unoccupied homeowners insurance is not required by law, but if you have a mortgage on your home, your lender may require you to carry it. Even if you don't have a mortgage, having this type of coverage is still a good idea. No one knows when a disaster will strike, and it is better to be safe than sorry.
You can get an idea of how much it would cost to insure your vacant or unoccupied home by requesting homeowners insurance quotes from different homeowners insurance companies. Be sure to inform them that the house will be empty or unoccupied so they can give you the correct quote.
What does it cover?
Vacant home insurance policies vary, but most will provide coverage for the following:
Fire damage
Wind damage
Theft
Vandalism
Water damage
Squatters
Policies also usually come with liability coverage if someone is injured on your property.
The Final Word:
After going through all the details, it is essential to remember that your home is one of the most important investments you will ever make. Therefore, protecting it with the right insurance policy is critical. If you have any questions about your homeowners' insurance in Brownsville or whether or not you need vacant, unoccupied, or seasonal home insurance, be sure to speak with your agent. They will be able to help you find the right policy for your needs.
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