Do you have a vacant home? Maybe your primary residence is under construction and you moved out temporarily. Or your rental property is between tenants. Perhaps you moved out of your home but haven’t sold it yet. Whatever the circumstances, vacant homes present additional risks, since no one lives there. Typical home insurance policies do not extend coverage when a residence is unoccupied. Farmers offers insurance products specifically for unoccupied and vacant homes.
Farmers’ vacant home insurance provides coverage for additional risks such as vandalism and malicious mischief. Those perils are not always covered by policies from other insurance carriers. We also provide a 12-month policy with pro-rated cancellation. This is convenient when you don’t need a full year of vacant coverage. Or if your property becomes occupied earlier than you anticipated. In addition, Landlord policies can be easily endorsed to provide vacant home coverage when your rental property is temporarily unoccupied.
Please call me with any questions or concerns on vacant home insurance for your unoccupied home or rental property. Also please remember to let your insurance agent know if your primary residence will become vacant for any length of time and for any reason. It helps to make sure you are properly covered, should a loss occur while the home is unoccupied.
When insuring a home, it is extremely important to the insurance company to know the purpose of the home. Whether it be your primary residence, seasonal or second home, occupied by family members, or tenant-occupied. In the case you are renting a home to others, you will need to insure it under a landlord protector policy.
A landlord protector policy covers your liability on the premises of the home, when you are renting it to others. Your home insurance claim can be denied if the policy is not written this way. You may also want to require that your tenant carry a renter’s insurance policy. This will cover the renter’s personal property and at least $100,000 of liability coverage. If the liability coverage is sufficient in the event of a claim, this prevents you from having to use your own insurance policy and thus your rates increasing.
The Landlord Protector Policy can be written to cover up to 4 units in the same building. (Insuring a building with more than 4 units would require a commercial insurance policy, which tends to be more expensive). You also want to make sure that the home is not vacant for more than 30 days between tenants. Insurance companies do not like to insure vacant homes since the risk of theft and vandalism is much greater. Read about vacant home insurance here.
If you have any questions about our Farmers Landlord Protector home insurance policy, please call me at (949) 436-0740.