If you have bought a new home but also need to sell your old one, be aware that your insurance provider may not provide you with insurance coverage if it will be unoccupied for longer than 90 days.
Unoccupied house insurance is hard to buy.
There are lots of hazards for the company to take into account if they insure an empty home.
The potential for loss from a broken pipe balloons if nobody's available to notice the water flowing on to the floor.
The potential for malicious mischief increases once the neighborhood vandals realize there is an new target on the block.
Even vagrants seem to find their way to just about every empty home around.
There are simply too many potential problems, particularly when you think about the potential liability issues that also come about.
Nobody can predict the weather conditions and no matter how many precautions you take, a storm could wipe out your home in seconds.
It is not a problem if you are living in the home, but unless you have unoccupied house insurance, the insurance company won't cover your loss if it is empty.
Even if you inspected all pipes, took all safety measures, things still can occur that may put your family's financial situation in shambles.
Think of the property owner that let the home sit for a while, imagining he'd be OK since his pipes had been winterized and he'd shut down the electric and gas.
Suddenly, along comes a gang of young thugs who decide it is the perfect spot for a party.
As they party on, somebody is injured, the police appear, together with the ambulance and the blowout ends.
However, rather than the entire gang going to jail, the property owner receives a notice he's being sued for damages.
Not only does it cost him in attorney's fees, he ends up losing.
For the rest of his life, he may possibly have to use his income to pay for the injuries caused by the intruders.
If it seems ridiculous, it isn't.
Countless homeowners have lost suits when intruders hurt themselves while breaking into the home.
Unoccupied house insurance is crucial for legal liability issues as well as destruction to the property.
Not merely are you at risk economically from perils and law suits, you additionally may have a clash or two with your mortgage loan company if the home has a mortgage.
In the event you don't carry insurance, your loan company has two alternatives.
The first one would be to set up their own high cost insurance coverage on your house.
This particular coverage does not supply liability insurance but simply provides sufficient protection on the home to pay for the mortgage loan.
In case you have a partial loss, you will typically have to pay much of the damage out of your own pocket.
Unoccupied house insurance is not just for those who are moving.
Other activities can take you away from home for extended periods.
Imagine the individual who may have a long hospital stay followed by a stay at an extended care facility.
They could have problems unless they have someone available to live in the home.
The problem of having to worry about unoccupied house insurance ought to be the very last thing you've got on your mind during that time.
It pays to have a helpful agent you can consult if you find your self in need of unoccupied house insurance.
You will also find a number of on-line web sites that offer this kind of insurance.
Understanding what your provider covers if your property is unoccupied for any length of time, can safeguard you against unnecessary loss.