Why Is Vacant Home Insurance More Expensive?

If you are planning to take an extended vacation, or if you have purchased a new home without selling your old home first, you may be surprised at the cost of vacant home insurance.

Vandalism

Vacant homes are attractive targets for vandals. Without someone at the home to discourage vandalism, criminals could cause significant property damage.

Burglary

Burglars are also attracted to vacant homes. It is easy for a burglar to gain access to a vacant property and steal valuables stored in the home.

Vermin

Vacant homes often develop vermin infestations, since there is no one to spot these problems before they spiral out of control. Vermin can damage valuables and furniture and even compromise the structural integrity of the home.

Plumbing Problems

Ruptured or leaking pipes in a vacant home can cause significant water damage. A ruptured water pipe could remain undiscovered for days or even weeks.

Insurance Risk

All of these problems create a heightened risk for property damage. For this reason, a vacant home policy can cost 3 times as much as a policy for an occupied home.

References

• Insure.com: Vacant Homes can be Tough to Insure
• Realty Times: Vacant Home Insurance Alert
• Castle Rock Agency: Vacant Building Insurance