What Is The Point Of Vacant Home Insurance?

Having a vacant home insurance policy may not seem to make much sense when home owner vacates or abandons their home, however, there are vacant properties for homeowners on vacation that are benefial.

For a Vacant Property Home Owner with Title
If the home owner holds title to the property, regardless of the fact that the home is vacant, the home may still carry value that needs to be protected. If damages due to theft, vandalism, fire or windstorms happened, the home owner is still going to be liable for any replacement or repair costs. It is important to be prepared for emergency situations because many thieves notice vacant properties.

For a Vacant Property Home Owner with an Outstanding Mortgage
If the home owner owes a bank or mortgage company any amount for the home, the lender has an interest in making sure that some home insurance be maintained on the vacant home. The lender is going to want to know that they can recoup any losses that may occur through insurance, prior to seizing the property through a lien or foreclosure proceeding.