As a property owner, you understand the importance and value of insuring your home. But, what if you have a second home? Or, what if you will be traveling for some time and you will not be in your home for a while? In situations like this, you need to have proper and updated home insurance in place. This is especially true for any vacant, unoccupied or seasonal home. At innovante insurance, we work closely with you to ensure you always have access to the proper coverage for your existing home.
What Insurance Do You Need?
A traditional home insurance policy provides financial protection to you if you live in the home. Taking a weekend trip is not a problem. Being gone for weeks can be. Home insurance policies can include information about restrictions on how long the home is unoccupied. Let’s break down the differences in these types of instances.
Your Home Is Vacant
A vacant home is one where you have no (or very few) belongings in it. You do not live there. The utilities are not fully on. No one else is living there either. This type of home requires a special type of insurance coverage. The problem is risk. Vandalism is common in homes like this. Your standard home insurance policy is not likely to apply here.
If the home is vacant for longer than 60 days, you will need a specialized policy for it. This is harder to find than you may think. If you do find a policy for this type of home, it will have limits on it. You may not be able to get coverage for break-ins, vandalism, or broken glass.
Your Home Is Unoccupied
Let’s say you are planning a month-long trip. You will be out of the country or state for this period of time. Your home insurance company may require you to report this type of absence. (The only way around this is to have someone living at your home while you travel). Again, the risk is that no one is there to ensure the home is secure and to ward off theft.
Contact your home insurance agent at innovante insurance right away to alert them to this type of situation. You may need an endorsement or add-on to your existing policy if the home will be unoccupied for 30, 60 or more days, depending on the insurer’s requirements.
You Use Your Home Seasonally
Many people in Wisconsin have seasonal homes. Whether it is a lake house you visit a few times a year or a property down South, you need to protect this investment. To do so, you will need to purchase a specialized policy for it. Sometimes you can obtain a policy with your current home, but most often you need a separate policy for this home.
Keep in mind if your seasonal home is used by others – such as through a rental agreement or a property management company – this changes your insurance needs significantly. In this case, you will need a policy reflective of your earnings behind it.
Do Not Overlook These Facts
Home insurance is very specific with many restrictions on it. Your current policy may have limits on unoccupied or vacant homes – and if you break them, your insurance may not apply. This is why it is so important for you to have a comprehensive policy designed for the way you use your home. At innovante insurance, we will create a specialized plan designed to meet your specific needs. It can help you to get the coverage you need for any situation.
