With the current foreclosures rate coming to an all-time high, many homes are seated empty. To further make things worse, these homes are occasionally vandalized - or a theft occurs - or plumbing can burst - and no-one is there to look after the emergency. Furthermore, a person could trip and fall on the home, and the owner is still responsible to cover their medical treatments for their injuries, even if the owner is not really living in the home.
The liability falls upon the home owner until there’s a transfer of title. When you’ve got insurance plan on an occupied home, several things are covered, however when the home is vacant - that’s a whole different story.
Most insurance providers have a clause written into their homeowner’s insurance plans, restricting what they cover when a home becomes empty - it’s called the 30-day rule. If your house is vacant for over 30 days, and it’s not because of an extended vacation, you should know that if there’s a claim - for vandalism or a broken water pipe or any other problem that may occur - your insurance provider is well within its rights to deny coverage. When your insurance plan is denied, the full expense of repairs, medical bills, or legal fees falls fully upon the owner.
Now, you may say that you “can’t squeeze blood from a turnip,” but you would be surprised! Lawyers can attach your future wages - or worse they are able to do something against you and seize funds you are your retirement plans, college savings plans, or every other assets you will have.
You will find alternative companies which will insure empty homes, however the prices are often higher, much higher than many of us could afford. But, if you’ve a vacant home and you can’t be there to keep close track of it, your home will be covered with vacant home insurance. However, if a renter’s insurance policy won’t work with your budget, there are some other things that can be done to help protect your home.
Want to find out more about cheapest house insurance, then visit our site on how to choose the best cheap home insurance quotes for your needs.
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