Did You Know?

Did you know that if you own a home in Florida, and no one is currently living on the premises, your property insurance policy may no longer provide coverage? Indeed, many standard homeowner’s insurance policies expressly exclude coverage for vacant or unoccupied homes. The primary reason for this is because the insurance companies believe that since no one is around to monitor the property, small issues could quickly turn into big losses.

Vacancy exclusions are a big deal in Florida. Many property owners in Florida use their homes either part time or on a seasonal basis, rendering their investment at risk while they are away. It is important that these property owners are able to secure coverage that truly protects their interests, as well as their condominium unit neighbors. Here are some facts you need to know about unoccupied properties and insurance.

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Do You Know What Your Policy Covers?

Not all homeowner’s insurance policies are exactly alike. Property owners must know precisely what type of coverage their policy offers, additionally the homeowner must consider how that coverage fits their needs. The last thing you want is to sustain an insurable event or loss to your property to find your insurable losses are excluded due to an unoccupied home clause. On the other hand, you also do not want to be paying for overlapping or unnecessary coverage. If your home or dwelling is left unoccupied for significant portions of the year, it is imperative that you review your policy to assess any potential coverage gaps. If you're thinking how would the insurer know the home was not indeed occupied, insurance adjusters are extremely savvy in their field of expertise and look for any evidence to keep from paying out on a claim.

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What is ‘Vacant’ or ‘Unoccupied’ Home?

The terms ‘vacant’ and ‘unoccupied’ are generally defined by specific insurance policies. Most often, a vacant dwelling is one that lacks the necessary amenities, furnishings, and working utilities needed for an ordinary person live in a home. An unoccupied home usually refers to one that is uninhabited at the current moment or at the time of an insured loss. In simple terms, the property is vacant if there are no furnishings or belongings in it, and unoccupied if there are no people currently residing in it. Many insurance policies exclude standard coverage for damage to property, once that dwelling has been left unoccupied for more than 30 days. This unoccupied time frame varies from carrier to carrier depending on your specific policy. No one wants to find out that one of their greatest investments is now uninsured after leaving for 30 days or more. 

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What should a homeowner do to ensure their home remains covered?

Don't let this happen to you, be sure to review your insurance policy regularly and contact your agent for any detailed questions since no one wants to find out that one of their greatest investments is not insured when they leave for 30 days or more.

 

What Options are available to absentee homeowners?

Of course, the neighbor or friend that just drops by occasionally to 'check on things' may not realize the necessary industry standards in place for unoccupied or vacant homes. Specific protocols have been standardized by the National Home Watch Association which is the industry leader for the home watch business. Your Certified Home Watch Professional at Smart Home Watch Solutions is able to provide the necessary documentation, fulfilling requirements to remain insured while you are away.

Click on the link below for a free consultation. 

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Smart Home Watch Solutions, Your Risk Mitigation Specialist