Your current insurance company probably will cancel your existing policy if your property becomes vacant. You will need to review your insurance policy to see if occupancy is a condition for coverage. Call your trusted Insurance Advisor and take action.
The big question is? What are you planning to do with the vacated property? Are you going to rent it? You'll need to acquire an insurance policy designed for rental units. Are you going to try to keep selling it? In most cases, you may need to find a new insurance company. Most "standard" insurance companies won't insure a vacant dwelling.
For a vacant property policy the main coverage you want is:•· Liability-Covers the owner in the case of bodily injury
•· Building-Covers the structure
Some additional coverage that may have additional benefits to you is:
•· Vandalism-Covers the property in case of vandalism
•· Theft-Covers certain contents from theft
Coverage varies by carrier and by state so; don't assume that you are getting the top tier coverage. Typically, these policies can be written on a short term 3-6 month policy or normal 12 month policy period
•· Vandalism-Covers the property in case of vandalism
•· Theft-Covers certain contents from theft
Coverage varies by carrier and by state so; don't assume that you are getting the top tier coverage. Typically, these policies can be written on a short term 3-6 month policy or normal 12 month policy period
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