Insurance Requirements for a Vacant Home
Vacant homes are at a higher risk for vandalism and robbery, which can make them difficult to insure. By taking certain steps to reduce these risks, homeowners can increase their chances of finding private insurance.
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Hire a Caretaker
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Homes with overgrown lawns and empty driveways advertise themselves to vandals and robbers. Insurance companies are likely to offer better rates to homeowners who hire someone to make their homes look lived-in by tending to the lawn and plants, taking in the mail, and leaving lights on at night.
Install an Alarm
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Insurance is more likely to cover vacant homes that are equipped with security alarms and smoke detectors monitored by police and fire departments. Homeowners may need to provide proof of security system installation to insurance providers before receiving insurance or lower premiums.
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Extend Occupancy
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Most home insurance policies allow homes to be vacant for 30 to 60 days at a time before being declared vacant. Homeowners who live near their vacant property may wish to occupy their home on a part-time basis (one or more weekends per month) in order to avoid paying the higher premiums of vacant home insurance.
FAIR Plan
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Homeowners unable to find insurance coverage through private providers should be eligible for home insurance under their state's FAIR (Fair Access to Insurance Requirements) plan. Homeowners are eligible for FAIR only if they can prove that they have attempted to find insurance through private providers. FAIR plan rates vary by state, and may or may not be competitive.
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