FAQ Vacant Property Insurance

Arizona vacant property insurance faqs
Arizona vacant property insurance faqs

If you’re a new property owner or just want a better understanding of what scenarios a policy helps cover if your property is vacant. You may have some questions about vacant property insurance coverage. We break it down with answers to some frequently asked questions about vacant property insurance (vacant property insurance faqs). Or you can contact us and our friendly agents will answer all your questions and explain all of your options.

Will my homeowner’s policy continue to cover the property while it’s on the market?

Standard homeowner & landlord insurance policies generally have a vacant exclusion that kicks in after a home has been empty for 30 or 60 days. What this means is your current homeowner’s insurance policy will not extend coverage in the event of a loss if the home has been unoccupied and empty for this duration of time.

I own a vacant property and plan on flipping the house. Before we list it on the market we plan on remodeling the kitchen & living room, will I be covered during this process?

Vacant property insurers such as American Modern generally allow basic renovations such as painting, flooring, replacing cabinets, etc… Larger renovations such as adding a garage, knocking out interior walls, or any other major structural changes may not be covered so it’s important to disclose this information to ensure the policy written extends coverage for this exposure.

Does vacant property insurance cover vandalism? 

First, it’s important that you understand the definition of vandalism. If there is no theft, just physical damage or defacement, the loss is considered to be vandalism. When purchasing vacant property insurance you have the option of endorsing Vandalism and Malicious Mischief onto the policy which extends coverage for these types of loss.

What is the shortest policy term I can purchase for a vacant property we’re selling? 

Vacant property insurance policies have several options including annual, six months, or three-month policy terms. When considering your options it’s also important to keep in mind that certain carriers include a minimum earned premium clause upon binding coverage.

Don’t Be Caught Without Coverage, A Vacant Home Still Needs Insurance! Contact our agents for affordable Vacant Home insurance!

You can read more about it in the article, provided by I.I.I.


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