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Is It Possible To Get Home Insurance For Unoccupied Homes?

Can you get insurance for an unoccupied house?

Sunil, an IT engineer, frequently travels abroad to manage his clients’ IT infrastructure. He spends several months working on-site at their locations to stay connected with clients. Although his parents reside in his hometown, Sunil bought a home near his workplace in the city. However, his property remains vacant for one to six months each year due to his demanding travel and work commitments.

Sunil decided to purchase insurance for unoccupied homes rather than a standard home insurance policy. Sunil’s house is protected from fire, theft, and damage thanks to the insurance for unoccupied homes, and it also gives him peace of mind while he is away at work.

Do you have a second home or spend much time travelling for work? With the increasing trend of people owning multiple properties as second homes or investments, leaving a property vacant poses risks such as vandalism, unauthorised occupation, and structural damage.

What Is Unoccupied Home Insurance?

Unoccupied house insurance is a unique property insurance designed to safeguard your vacant home from potential theft, loss, or damage.

Unoccupied homes are at greater risk of theft, damage, and vandalism, mainly because there are no occupants to deter such incidents. Moreover, internal structural or electrical issues that go unnoticed or unrepaired can lead to more substantial losses. For example, a gas leak left unreported can result in severe consequences, including a house fire. *

Why Do I Require Insurance For Vacant Properties?

If you plan to be away from your home for longer than 30 days at a time, consider purchasing insurance for unoccupied homes.

Below is a list of a few scenarios that could support the need for unoccupied home insurance:

  • You recently purchased a second home but only occasionally go there.
  • You recently purchased a new house, but it will be a while before you move in.
  • You spend the majority of the year travelling a lot for work.
  • Due to medical treatment, you will be gone for a few months.
  • You relocated while renovations were being done, rented out your home to tenants, and are looking for a new residence.

What Are The Associated Costs In Comparison To A Standard Home Insurance Policy?

Unoccupied house insurance can be acquired as a standalone policy or an extension to your existing home insurance, depending on your specific requirements and the coverage offered by the insurance provider. Different insurers have varying terms and coverage options. Adding unoccupied home coverage to your existing policy might result in limited coverage, primarily for property damage due to fire or theft. On the other hand, standalone policies for vacant homes can offer protection against a broader range of incidents, including fire, theft, vandalism, and content loss. Claims are subject to terms and conditions set forth under the home insurance policy.

It’s important to note that premiums for unoccupied property insurance are typically higher due to the increased risk. Suppose you have a clear timeframe for how long your property will remain unoccupied. In that case, you can discuss adjusting the policy home insurance premium pro-rata with your insurer to ensure it remains protected during that period. You can use a home insurance calculator to check for the costs of premiums. Claims are subject to terms and conditions set forth under the home insurance policy.

*Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.