Monthly Topics
December 2019: Vacant Properties
What is a vacant property?
Occupancy matters greatly when it comes to homeowner insurance. A standard Massachusetts home insurance policy does not cover a home during long periods of vacancy, even if you continue to pay your premium. We’re not talking about a two-week vacation, of course, but any lengthy, uninterrupted vacancy -- usually defined as 60 days or more -- means your house must be re-insured under a vacant home policy.
Why? Vacant homes face a greater risk of loss than occupied homes. A broken pipe or faulty hot water heater could go undetected for days, causing major damage. A vacant home is more vulnerable to break-ins and vandalism. Simply locking the door and asking someone to check in once in a while could be a costly mistake if your house is damaged or sustains some other type of loss while it is vacant.
Before you leave a house vacant, always talk to your insurance agent to make sure you have the right coverage in place.
Why? Vacant homes face a greater risk of loss than occupied homes. A broken pipe or faulty hot water heater could go undetected for days, causing major damage. A vacant home is more vulnerable to break-ins and vandalism. Simply locking the door and asking someone to check in once in a while could be a costly mistake if your house is damaged or sustains some other type of loss while it is vacant.
Before you leave a house vacant, always talk to your insurance agent to make sure you have the right coverage in place.
