It’s a common scenario: You head south for the winter to escape the brutally cold months in New England. Or you have to move to a new home before the old one sells. Homes are left vacant all the time. And doing so may seem pretty ordinary to you, but to your insurance company, it’s a huge liability.
If a pipe bursts or a refrigerator leaks when you’re home, you can quickly turn off the water main and prevent widespread damage. But if you’re sunning yourself on a beach in Florida, you’ll have no such luck. This is why insurance companies get nervous about vacant homes.
Read your insurance policy carefully to find out your company’s definition of vacancy. And it’s always a good idea to alert your insurance company if you’ll be out of your home for an extended period of time, either for a month-long vacation (lucky you!) or because of a move.
If your house will be left vacant, you may be asked to purchase a separate policy that will cover you in the event of those unattended pipes springing a leak. And you’ll be able to rest easy or the beach or relax in your new home knowing that your investment is safe.