• Homes that are left without supervision for weeks present a greater risk of theft or break-in incidents compared to occupied homes. Unoccupied and vacant properties carry significant insurance risks. As a result, insurers will not offer coverage for losses related to such homes under a standard home insurance policy. Consequently, if your home has not been used for several days, you ought to purchase an unoccupied and vacant home insurance policy to avert a substantial financial loss that could arise from any misfortune affecting your empty home.

What is an Unoccupied and Vacant Home Insurance Policy?

• A standard home insurance policy typically covers a range of incidents such as fire, electrical faults, theft, natural disasters, accidental damage, and human-induced threats like riots and terrorism for a limited number of days. However, if damage occurs while the home is vacant for a specified number of days, no loss coverage will be provided.
• Thus, if you are not residing in your home for a prolonged duration and lack reliable friends or neighbors to monitor it regularly, you should think about obtaining an unoccupied and vacant home insurance policy. When your home stays empty for an extended time, the risk of burglary, fire, explosion, or any accidental harm increases even further due to insufficient maintenance
• In straightforward terms, if you leave your home unattended for several months and a fire occurs, unoccupied and vacant home insurance would offer coverage in situations where your standard home insurance policy would not.

When should you opt for an Unoccupied and Vacant Home Insurance Policy?

• Your home is one of the most significant investments of your life. You invest your hard-earned money to acquire a property. However, if your home is left unattended for any reason, you should consult your insurer to verify the duration you can leave your home unoccupied to secure coverage for losses that may occur during that time.

Here are several situations in which your home may be left unattended:

• You have a vacation home that you visit a few times each year.
• You have purchased a home but plan to move in after several months.
• Your home remains empty for weeks due to a business trip.
• You might need to stay in a hospital for a few weeks due to medical treatment.
• Your home is vacant as you are in the process of finding a tenant to rent it out.
  During these situations, you should consider obtaining an unoccupied and vacant property insurance policy to secure coverage for potential losses in an empty home.
  Factors to Consider While Buying Vacant and Unoccupied Home Insurance Policy
  Vacant and unoccupied home insurance policies can be purchased either as a distinct policy or as an endorsement. The premiums for an unoccupied property tend to be higher than those of a standard house insurance policy because unattended homes pose a greater risk. When your home is left empty for a long duration, the likelihood of theft increases significantly. Additionally, since vacant homes lack maintenance, the expenses for structural damage rise. These factors compel the insurer to impose a substantial premium for unoccupied and vacant home insurance policies. You might consider acquiring an unoccupied and vacant travel insurance policy as an add-on to your current policy if you are renting out your home and expect to find a tenant within a month or two. Likewise, if you will be hospitalized for several weeks for medical treatment, you can acquire an unoccupied and vacant home insurance policy as an endorsement. However, if you are living abroad or only visit your home during holidays, you should think about obtaining a separate unoccupied and vacant home insurance policy. You can lower the premiums by installing a fire security alarm, a carbon monoxide detector, etc. The geographical location and the security level of the area also significantly influence the determination of the premium.
  
  Conclusion
  Vacant and unoccupied homes can experience substantial damages as no one is caring for the property. Furthermore, losses incurred can deplete your savings; thus, it is advisable to purchase an unoccupied and vacant home insurance policy to prevent this.
  
  Disclaimer:
  The above information is intended for illustrative purposes only. For more information, please consult the policy wordings and prospectus before finalizing the purchase.