Everything You Need To Know About House Insurance When Your Property Is Unoccupied For More Than 60 Days
Introduction
Leaving your property unoccupied for more than 60 days can be a daunting experience, especially when it comes to insuring your home. Most home insurance policies will not cover you if you leave your home empty for an extended period of time. In this article, we will explore the different types of insurance you can opt for, the pros and cons of each, and how to choose the right policy for your needs.
Types of Insurance
1. Unoccupied Property Insurance
This type of insurance provides cover when your property is unoccupied for more than 60 days. It is specifically designed for those who own a second home, holiday home or rental property that is not permanently lived in. Unoccupied property insurance covers damage caused by fire, theft or weather-related events, and can also include liability coverage.
2. Empty Property Insurance
If you are planning to leave your property empty for a longer period of time, such as when you go on an extended holiday or if you are waiting to sell your property, empty property insurance might be a better option. This type of insurance provides coverage for all the risks associated with an unoccupied property, as well as additional coverage for damage caused by vandalism and squatters.
3. Holiday Home Insurance
If you own a holiday home that is only used for part of the year, holiday home insurance is a good option. It provides coverage for any damage that occurs while the property is unoccupied, as well as damage caused by guests when the property is rented out.
Pros and Cons of Each Type of Insurance
1. Unoccupied Property Insurance
Pros: Specifically designed for unoccupied properties, provides coverage for damage caused by fire, theft, and weather-related events, can include liability coverage.
Cons: Can be more expensive than standard home insurance policies, may not cover damage caused by vandalism or squatters.
2. Empty Property Insurance
Pros: Provides coverage for all the risks associated with an unoccupied property, as well as additional coverage for damage caused by vandalism and squatters.
Cons: Can be more expensive than unoccupied property insurance, may not cover damage caused by weather-related events.
3. Holiday Home Insurance
Pros: Provides coverage for any damage that occurs while the property is unoccupied, as well as damage caused by guests when the property is rented out.
Cons: Can be more expensive than standard home insurance policies, may not cover damage caused by weather-related events.
How to Choose the Right Policy for Your Needs
When choosing the right insurance policy for your needs, there are several factors to consider. These include the length of time your property will be unoccupied, the location of the property, and the level of coverage you require. It is important to shop around and compare different policies before making a decision.
Conclusion
Leaving your property unoccupied for more than 60 days can be a stressful experience, but with the right insurance policy, you can have peace of mind knowing that your property is protected. Whether you opt for unoccupied property insurance, empty property insurance or holiday home insurance, it is important to choose the right policy for your needs and budget.
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