Things You Should Be Aware Of When You Buy Unoccupied Property Insurance

Buying unoccupied property insurance may seem simple but it isn’t.  Make sure you understand what you need and what the policy offers before you sign the papers. Otherwise it could cost you money if you ever need to file a claim against the policy.

Make sure you take a picture of all  valuable items in the house.  It may appear to be a waste of your time but it can make a big difference in proving value in you ever need to file a claim against your unoccupied property insurance. By spending an hour or so every year taking pictures you can prevent future headaches if something happens to the items.

Save some money on unoccupied property insurance by purchasing other forms of insurance through the same company. When you do this, the insurance company usually gives you a multiple policy discount that can be worth up to 5% or more off your total cost. Be sure to visit your insurance company’s website (or call them), to see what other insurance options are offered.

If your backyard contains items such as trampolines , hot tubs, pools, or other devices that may cause injury your unoccupied property insurance premiums may be as much as ten percent higher than a normal policy. Keep the possibility of additional insurance costs when you are considering making such purchases for your backyard.  These things are considered attractive nuisances and will cause neighborhood children to use them when you are not around.

Unoccupied Property Insurance

You should compare rates between different insurance companies each year. Sometimes you will discover another company offers the same or better coverage at a lower cost than your current company. II you have been claim free for a period of time you might be able to negotiate a better rate with another insurance company to get your business or your current company to retain your business.

Before buying unoccupied property insurance, it is imperative that you know how much your house is worth. If your house was destroyed, you need to know the cost to replace it. A local builder is often the best judge of your home’s value. Another possibility is talking to a real estate agent in your area.

Fully protect any expensive belongings by listing them individually in your policy or adding them as endorsements to the policy. On a homeowners policy, basic belongings are included in the base policy but items of high-value such as jewelry, furs or electronics may have a policy limit that doesn’t fully cover the cost of the item. If your policy does not cover the entire value of some of your possessions, follow your carrier’s instructions and list those items individually to ensure you are fully covered.  Many unoccupied property insurance companies will not insure high value items left in the home while it is unoccupied for more than thirty days.  Be sure to determine this in advance to leaving them in the home.

Technology is moving quickly and buying your insurance from an online broker can save you money. They don’t have to employ as many people and don’t have brokers’ commissions to pay, so they pass those savings onto their customers. The only downfall is that you won’t be able to talk to someone in person, but for most people that will never be an issue.

It’s your responsibility to read the unoccupied property insurance policy before you sign it and to ensure the unoccupied property insurance policy meets your needs.  You can not rely upon what the agent tells you as he may not fully understand your needs.  Besides unoccupied property insurance companies go by the words written in the policy, not what the agent tells you about the policy. So protect yourself by ensuring you fully understand the terms and conditions of the unoccupied property insurance policy before you sign it.

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