As the housing market continues to be slow, some homeowners choose to move on, whether to pursue a new job, downsize or simply relocate. But it’s very risky financially to leave your home vacant unless you adjust your homeowners insurance accordingly.
Some insurers may not pay claims if a home is vacant for 60 days or more. Some policies might automatically shift to a different amount of coverage (e.g., liability insurance only) after a specific number of days unoccupied.
If you need to leave your home vacant or unoccupied for an extended period, the best course of action is to contact your home insurance agent and explain the situation. Many insurance companies offer an endorsement to your policy that will cover a vacant dwelling for an extended period. You also may obtain vacancy coverage for specified periods up to a year.
No surprise, it’s going to cost more than your current homeowners insurance rates. But it’s a small price to pay compared to the major expenses you’d face if something happened to your house while you were away.