Although not a particularly popular form of Tulsa home insurance, vacant home insurance can still be incredibly useful to those that specifically need it. Put simply, vacant home insurance is a component of Tulsa home insurance that allows a homeowner to protect their property while it is vacant.
A home can become vacant due to a variety of circumstances, whether it be due to a foreclosure, or because the homeowner has already moved into a new home without selling the original property. Regardless of the reason for the vacancy, the fact remains that any property in this situation runs the risk of damage from a variety of sources.
While most people would typically assume that this coverage only applies to damage from robbers or general trespassers, the truth is that there are actually many problems that can arise on an unsupervised property. In addition to the aforementioned trespassers, other types of property damage include sudden insect infestations and even pipe damage from dramatic shifts in temperature.
Of course, in order for a home to qualify as vacant, there are certain stipulations. A home must be vacant for a minimum of 3 months and to a maximum of 36. Otherwise, only homes that are either on the market, going through the process of foreclosure, or currently under renovation can qualify as being vacant for the purposes of insurance coverage.
Unlike other policies, vacant home insurance tends to be more expensive, since there is a greater risk attached to the property. In spite of this, increased cost though it’s still recommended that property owners invest as much as possible into their policy. If cost is truly an issue, then a home security system might be worth investing in. Aside from directly addressing safety concerns, a home security system can also help lower the cost of a vacant home policy.
Given the value provided by vacant home policies, they’re a smart choice for any property owner that knows they’ll be leaving a property unattended for an extended period of time.