Realty Executives Plus Ltd.

Rob Heming

Rob Heming

Sales Representative

Realty Executives Plus Ltd.

Blog

Home & Cottage Insurance - Unoccupied vs Vacant

(Published on - 1/15/2020 5:45:15 PM)

Having insurance for your home or cottage is an essential part of ownership. If you leave your home or cottage unattended for weeks at a time, you should know that your homeowner’s insurance policy might not provide coverage in the event of a claim during the time the home was left unoccupied or vacant. As a result, any damages or losses that occur will have to be paid out of pocket. For these times, unoccupied and vacant home insurance products offer coverage for claims that would otherwise go unpaid by your home insurance company.

 

So what exactly is the difference between unoccupied and vacant?

 

  • An unoccupied home is a furnished home that is empty for 30 days or longer with the utilities left on, such as those who have gone south for the winter or have had a medical emergency.
  • A vacant home means an empty home without furniture, appliances or utilities hooked up for 30 days or longer.

 

As unoccupied and vacant homes and cottages present a greater insurance risk, insurance companies exclude these properties in standard property insurance policies. As a result, unoccupied and vacant home insurance is a specialty product that is designed to provide financial protection from damage or loss of a home that is uninhabited for periods of 30 days or more. Often, this type of insurance can be purchased as a separate policy or as an endorsement. When it’s purchased as a separate policy, you would no longer need to pay for a standard homeowner’s policy. However, if it is purchased as an endorsement, it serves as an add-on to your existing policy.

 

While unoccupied and vacant home insurance can get pricy, using the services of a home watch company could greatly reduce your insurance premiums. This isn’t a security service or a house sitting service. Home watch is a visual inspection of a home or property, looking for issues. If you decide to use a home watch service, it is recommended that you check with your insurer to find out how often they would require your home or cottage to be checked when you are leaving for a period of time. 

 

And of course, it never hurts to shop around to find the best deal as insurance companies use different formulas when deciding what your premium will be. So the prices could vary between different companies.



Rob Heming at Realty Executives on the Bay
specializes in tourism accommodation, recreational and multi-residential properties,

as well as fine homes and waterfront cottages.

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