If your house, or a house you inherited, is left vacant, you must be careful and do the unthinkable, that is, read your homeowner’s insurance policy. In handling estates and trusts, frequently the deceased’s home is empty and must be sold. Another circumstance that pops up alot is a client moving out of his house to rehab the house.
Most times you will find that the insurance still covers you, but theft and vandalism are not covered if the house is vacant more than 30 days.
If you are rehabbing your house, and move out, many policies still cover you for everything including theft and vandalism.
Some insurance agents state in a blanket fashion that there is no coverage on an empty home and then try to sell you a policy for $4000 or more per year in premium.
Do yourself a favor and check the terms of your insurance policy. It will give you peace of mind and save some cash.
(Credit to Terry Griffin Esq. for the above)
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