Is your home vacant? If you are a seller or landlord in the Brazos Valley and your real estate is vacant, be sure to talk with your insurance agent. Will your homeowners insurance still cover your house if it is vacant and there is damage? What if it burns? What if it is vandalized? Most insurance policies specifically exclude vacancies after a specified amount of time and the last thing you need is for their to be a fire or vandalism and your claim is denied!
One idea is to replace your current homeowners’ insurancewith a dwelling policy including vacancy. Not all insurance companies offer this so make sure that yours does. The average policy is for a twelve month period and covers properties that are for sale, renovations, estates, etc.
Often times insurers consider vacant homes to be a higher risk, and subsequently higher cost, because no one is there to prevent theft, vandalism, fires and water damages, just to name a few. Vacancy policies are typically higher rated (and more expensive) than normal home owners’ policies. In some cases the insurer may give you an additional 60 days after your home is vacated to reoccupy the property before they raise the rates.
Remember if you choose to use your house or real estate as investment property and rent it out your insurance agent needs to be notified too. If you have concerns regarding your home or insurance policies please contact an insurance professional right away!