If you just sold your house, own a vacation house that you stay in during summer, or travel a lot and may need to be away for more than 30 days, you may assume that your typical homeowners’ insurance policy covers you and your home, but does it?
Well, many homeowners are not aware that standard home insurance does not cover a home that has been vacant or unoccupied for more than 30 days. That’s why Creative Risk Management LLC recommends reading and understanding your policy before signing.
What is considered vacant, and what is the difference between vacant and unoccupied?
Insurance companies consider vacant homes as vulnerable to vandalism, fire, and other hazards. For this reason, they define a vacant house as an unfurnished or empty house that you may have moved out of and waiting to sell and an unoccupied home as a semi or a fully furnished home that no one is living in. This could be your summer home or your typical vacation house.
Are vacant homes covered?
Most home insurance policies do not provide coverage to homes that have been vacant or unoccupied for more than 30 days. If you have two houses in New Jersey, your first step is to go through your policy and find out exactly what your policy says about vacant dwellings. If it is 30 days, and you need to be away longer than that, you can always speak to your agent and sign up for an amendment or an add-on that will provide coverage for an extended period. If it is going to be a long time, a separate policy would be the best choice.
Vacant home insurance
If you are away for more than 30 days, say a year or more, you might want to buy vacant home insurance. This is a special type of coverage that protects your home from common perils that affect vacant houses. While it may be costly, it is always worth the peace of mind.
For more information about home insurance in New Jersey, feel free to reach us at Creative Risk Management LLC today!
