Vacant Home Insurance Cost of Company Policies
Due to various circumstances, your home might become vacant. For example, you could be moving to another state due to the demands of your job. If you are planning to sell your home, you should be prepared to wait for months before you get a good buyer. In the meantime, your home could be at risk of other forces that could dent your hopes of getting good value for the home.
Some homeowners have had their homes broken into and appliances stolen. This has made the house lose its value for a resale. You need to take a vacant home insurance to avoid paying for the vandalism and loss of property. If you already have insurance, you should ensure that it has not expired and if it has, you should consider extending the coverage. According to the law, the coverage expires if you moved out of the home more than 30 days before.
The bank will evaluate whether your home is truly vacant for it to provide the coverage. The company representatives will then change the locks and report that the home is indeed vacant. Most people are however concerned about the cost of the insurance company policies.</P> <P>Vandalism can be professional or non-professional. Thieves can break into your vacant home or they can enter without breaking and steal the appliances right under the noses of the neighbors. Your home can also be vandalized by children who might throw rocks at the glass windows for fun.
Some squatters may also break in and set up the house. Most of them do not care about maintaining the paint job on your walls. By the time they vacate, they will have caused a great deal of damage. No insurance company will want to insure you. If you manage to obtain vacant home insurance, the cost of the company policies will be very high. That is because vandalism is very expensive to repair. You may have to pay up to 5 times the amount you would pay for a regular insurance policy.
Banks normally do not pay for the cost of repairs that are necessary after an episode of vandalism. Many buyers would not look at the house twice if the home were in that state of disrepair. The cost of insurance policy will also skyrocket when the bank finds that your home has been vandalized. If your insurance coverage is up to date, you might be able to have enough funds to carry out the repairs.
Some homeowners use ingenious means of keeping vandals out of their homes. The "for sale" sign often attracts many people apart from potential buyers. You can put an additional sign on top of the usual sign to give the impression that the home is still occupied. A sign such as "Occupant inside-Do Not Disturb" is a good one to pass the message across.
You can also have a friend or relative pick up the mail left on the steps and check on the house daily. You could also request your neighbor to park his car in your driveway. If you are the technologically perceptive type, you could install security lights that are activated by sensing motion. You could also time a lamp to go on or off at certain times of the day or use a security alarm.
Such measures could play a big role in ensuring that you not only get insurance coverage but also pay low vacant home insurance premiums. This could enable you to save money and have a peace of mind. Anybody will also be interested in buying the home if it is in good condition.
Category: Insurance - Homeowners
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