All You Need to Know About Vacant/Unoccupied Homeowners Insurance

July 15, 2020

Did you know that your homeowner policy will not provide coverage in the event of a claim if you leave your home unattended for weeks at a time? You will need an unoccupied and vacant homeowners insurance Tampa FL!

What is Unoccupied and Vacant Homeowners Insurance Tampa FL?

Unoccupied and vacant homeowners insurance is a tool that is designed to offer financial aid to property owners from loss or damage to a home that is uninhabited. A typical homeowners insurance Tampa does not cover vandalism, fire, or other types of claims when the house is unoccupied. For instance, if you leave your home unoccupied or vacant for a month and you incur a loss due to vandalism, your standard homeowner insurance policy does not offer coverage for the damage caused. But vacant and unoccupied homeowner insurance does!

The insurance policy has to be purchased separately. You can also buy it as an endorsement where it serves as an add-on to the existing Tampa homeowners insurance policy. If you buy it separately, you will not need to pay for the standard homeowner insurance policy. 

Vacant homeowner insurance is considered a high-risk policy as the probability of the risk is high. For instance, assume there was a riot in the neighborhood. The probability of an unoccupied home being vandalized is higher than the probability of an occupied home being vandalized. It is also true in case of fire as a fire in an occupied home is reported sooner than a vacant home, wherein the problem is noticed late. As the risk is high, insurance providers have excluded these properties from the standard property insurance policies.

Who Needs an Unoccupied and Vacant Homeowners Insurance Policy?

The general rule for purchasing an unoccupied and vacant homeowners insurance policy in Florida is simple. If you plan to leave your home uninhibited for thirty days or more, you will need to purchase the insurance. Some of the common scenarios where you will need unoccupied or vacant home insurance include the following:

  • You own a second home or vacation home, which you visit a few times a year.
  • You have purchased a home recently, but you will not move in for several weeks.
  • You are renting out your home, and you are in between finding tenants.
  • You regularly travel for weeks at a time.
  • You have a medical condition that needs you to undergo a medical treatment, and you are required to be in the hospital for weeks.
  • You are remodeling your home and unable to live there as the renovations are taking place.

There may be other instances when you may need to buy a vacant homeowners insurance policy. If you are leaving your home uninhibited and unattended, talk to your service provider and ask for what defines as vacant and unoccupied. Your insurance provider may have specific restrictions for the length of time you can leave your home vacant. There may be several constraints that vary from state to state and from one provider to another. It is always ideal to talk to your insurance provider before you decide whether you must purchase a vacant and unoccupied homeowner insurance.