Are Vacant Homes in Grand Rapids Insurable?
You’re thinking about purchasing a vacant property and renovating some of the rental units, or you have a vacant home you can’t seem to sell. The trouble is that many insurance companies offer little or no vacant coverage.
You may even have the home insured the same way when someone was living there and taking the chance that if a claim does happen then your insurance company won’t deny it.
Vacant homes are considered a high risk to insure; which is why many insurance companies don’t offer coverage for them. If a pipe bursts in a vacant home and floods the basement then it may go unnoticed for days or even months causing severe damage.Many other risks such as animal damage, vandalism, theft, fire and general maintenance repairs are considered to be much more volatile when it comes to vacant homes. There’s nobody in the home preventing these risks from happening.Make sure your vacant home is covered correctly and let your insurance agent know whether the home is occupied or not. Be sure and select a vacant policy with pro-rated cancellation benefits. That way, you won’t have to hunt for new coverage every three months- and you’ll get a pro-rated refund if you cancel before the normal one-year coverage period.
If you have a vacant home and are unsure about your coverage’s than click on our contact info and send me a message regarding your questions or concerns.
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