Insurance For Unoccupied Homes Short Term

What does it mean to have homeowners' insurance for the short term?

Unoccupied property insurance is sometimes known as temporary home insurance or short-term home insurance. You can acquire just a few weeks' or months' worth of coverage at a time, and it provides temporary protection for your home even if it is vacant during that period.

Standard homeowner's insurance policies typically include clauses that prohibit you from leaving your property unoccupied for longer than a predetermined number of days in a row. This number of days is typically 30, but it can go as high as 60 in some instances.

If your home is unoccupied for a little longer than that, you will be required to purchase short-term home insurance to protect it while it is unoccupied.

Can I Purchase Standard Homeowner's Insurance For a Shorter Time?

The typical homeowner's insurance policy covers your belongings for one year.

The only way to purchase homeowner's insurance for a shorter period than that is to purchase unoccupied home insurance.

But what if you only need coverage for a shorter amount of time, but you plan to continue living in the same location? You may have listed your house for sale, it's already received an offer, and you're planning to vacate the premises within the next few weeks or months.

In situations such as this one, you still have the option to purchase an annual policy and then return it after moving for a reimbursement proportional to the number of months that were not used. However, there is a possibility that there will be an administration fee.

You also can transfer the coverage to the new residence that you will be occupying. There will almost certainly be a fee to pay for administration, and the cost of premiums may also increase (or drop).

It is in your best interest to obtain insurance rates for your new house before deciding whether to keep your current coverage or switch to a different provider.

Do You Require Temporary Protection For Your Home?

Suppose your property will remain vacant for a longer period than the maximum time allowed by your homeowner's insurance policy, which is often 30 days. In that case, you are required to find alternative housing.

You will need to purchase standard house insurance if the amount of time you want to reside on the property is less than a year, and you just want to be covered by your homeowner's policy during that time.

You could benefit from purchasing short-term insurance for a home that is empty because:

• You are planning a lengthy trip or working in a foreign country.
• During the significant remodeling of your home, you will be moving out and living elsewhere.
• When you are waiting for the probate process to be completed, you are insuring the home or apartment of a deceased individual that is vacant.
• You have already relocated to your subsequent residence, but your prior one remains unoccupied while the sale is finalized.
• You have a vacation property, but you rarely use it because it sits vacant for most of the year.
• To enter a hospital or receive long-term care, you need to vacate your house for an extended time.

Why Doesn't My Homeowner's Insurance Policy Cover My Home When It's Vacant?

Because of the increased danger they pose to insurers, vacant homes are not eligible for coverage under a basic policy.

Properties that are left unoccupied increase the risk of theft and break-ins. And because there is no one at the property to identify a problem fast, empty homes are also more prone to suffer major damage from broken water mains, frozen pipes, or electrics that short out and cause fires because there is no one around to spot the problem quickly.

This additional risk is covered by short-term or unoccupied property insurance, even though the premiums for this type of policy are typically higher than those for standard homeowner's insurance.

What Exactly is Covered By a Policy for a Temporary Residence?

The following are some of the things that short-term home insurance for empty homes can cover:

• The destruction of buildings and the items contained within them as a result of catastrophes such as floods, storms, and broken pipes
• Intrusions, burglaries, and acts of vandalism
• If squatters have moved in, having protection against public liability and legal expenditures can be of assistance (sometimes sold as an optional extra)

What You Need to Know About Temporary Homeowner's Insurance

For your short-term homeowner's insurance policy to remain in effect, you will be required to fulfill the following conditions:

• You will be required to do checks on the property at predetermined intervals, which could occur as frequently as once every week; hence, you should select an insurance plan to fulfill this criterion.
• The insurance policy is not your primary residence, and you spend most of your time away from it.
• Locking the doors and windows completely and securely should be a priority (but not boarded up).
• During the winter, you may also be required to make sure the water is shut off at the main stopcock and that the central heating system is set to a low temperature.