If you own investment property that is vacant or need to move out before your home sells, be sure to check the fine print on your homeowners insurance policy. You might be surprised to learn that a lot of standard policies will actually terminate coverage the day you move out putting you at great risk for catastrophic loss. Laws vary by state, and restrictions vary by insurer, so it is important for homeowners to understand their existing policy’s terms prior to a change in status.
Generally, homeowners looking to insure a vacant home have two options: buying an endorsement to their existing homeowner’s policy or purchasing a separate vacant-home insurance policy. Talk to your insurance agent before you or your renters move out to learn what your options are. If you need an insurance company recommendation, please call us at 704-439-5350 and we would be happy to assist you!