Most of the time, a homeowner lives in his or her property. However, it’s possible to have a second property you do not use as often. For example, you may have a second home on a lake retreat or a condo on the beach. In Indiana, many people benefit from that second home, but insuring it properly is critical (and not as easy as you think!) At Luxor Insurance, we are happy to work with you to create the ideal plan for your home.
Why Coverage for Vacant Homes Isn’t the Same
It’s quite common to have comprehensive home insurance on real estate – it is the best way to keep your property safe from the unexpected. But, if you have one of the following types of homes, you need to work closely with your insurance agent to specialize the coverage you have. Here’s what to do.
Vacant Home Insurance in Indiana
A vacant home is one in which one no lives in it. You do not store furniture there. Most of the time, the utilities are turned off. These homes are at high risk. It is likely that vandals will know the home is empty, putting it at high risk for break-ins and theft.
To insure this type of home, if it is going to be vacant for 30 to 60 days or longer, contact your insurer to discuss your options. It is uncommon for a traditional home insurance plan to cover homes vacant for more than 60 days. And, if you do not report that it is vacant, any claims you make for vandalism or glass breakage isn’t likely to be covered. Specific, customized vacant home insurance is the only real option.
Unoccupied Home Insurance in Indiana
An unoccupied home is a bit different. It is a home you can open the door to and live in right away. The utilities are still in place, and there are furniture pieces present. You may have an unoccupied home if you are traveling for a long time or ill and in a hospital setting. Still, your insurer needs to know about it.
If your home will be unoccupied for 30 to 60 days, contact your insurer to inquire about an endorsement. This will help protect the home and keep insurance in place for a short amount of time. If you do not have an endorsement and try to make a claim, it is likely your home insurance claim will not be honored.
Seasonal Home Insurance in Indiana
Seasonal homes require coverage as well but need specific insurance protection. These are homes you may infrequently use throughout the year. If no one lives in them, you will need a policy to cover your second home comprehensively and designed specifically for this. Also note that in some cases, your existing home insurance policy may be able to include a second home – which can ultimately help you to save money. Be sure to ask your agent about this option.
If you plan to use your home every once in a while, but you are renting it out, you need to consider policies allowing this. A typical home insurance policy will not cover this without first letting your agent know.
What to Do Now
It’s confusing to have proper insurance coverage for homes you do not live in all of the time. That’s understandable, but you shouldn’t go without proper coverage. Instead, it is essential to work with a licensed insurance agent at Luxor Insurance who can help you get the right coverage for the type of situation you are in right now.