If your rental property becomes vacant,
Your rental property has just
been vacated and you want to take some time to screen new tenants or make
upgrades to your property. Does your coverage change now that the home is
vacant? To avoid surprises at the time of a claim, it’s crucial to know
exactly what your policy covers.
Review your policy today for
restrictions. Here are some points to check regarding coverage on vacant
property:
- Will your policy immediately terminate when the home is vacated?
- If not, how long will coverage continue for named perils like fire, explosion, lightning, vandalism, windstorm and hail damage?
- What happens if you decide to renovate?
- Does your carrier offer a separate policy for vacant property?
Not everyone loves insuring
vacant homes. But Foremost does. That’s why they also offer a specific
program for vacant homes that provides a full 12-month policy with pro-rata
cancellation and the choice to stay insured for up to 24 months. The home can be
for sale, in the name of an estate or under renovation. Coverage includes common
perils, plus options for liability, personal property, vandalism and malicious
mischief.
Not sure what your policy
provides? Call me to discuss your coverage and find out more about the
Foremost Vacant program.
*Coverage may not be available in all
areas.
