Whether this is on a short-term temporary basis whilst you find tenants for the duration of your overseas assignment, or on a longer-term basis whilst your house in on the market, you need to insure your home against damage whilst you are absent. There are home insurance policies on the market especially designed for those who live and work internationally.
Why Buy an Additional Insurance Policy for a Vacant Property?
Many leave their home country for an expatriate assignment but do not realise that they need to contact their insurance provider to notify them of their absence from the family home. In such cases, both parties are unaware of the change in circumstances and the consequences of the property standing empty, until damage occurs to the property or contents. The result could be a considerable financial loss for the absent homeowner.
To avoid this risk with your house, and everything within it, talk to your current insurer to assess the situation and ascertain how far, if at all, your current policy protects your house.
It is important to know that more likely than not, your current home insurance will not protect your home or its contents if the property is vacant for anything from thirty days upwards, depending on your policy.
What Does Vacant Home Insurance Cover?
An insurance policy for your vacant home usually provides less coverage than a regular home insurance policy. Empty properties are unattractive for insurance companies as the risk of fire, theft, squatting or vandalism is higher than in an occupied property. Similarly, if a storm causes damage or the pipes burst and floods the house, it takes longer for the damage to be reported and fixed up, raising the costs involved.
Vacant home insurance usually covers your home for damage caused by severe weather, fire or flooding but check your policy carefully so that you understand what is included. Ensure that you have vandalism written into the policy if you believe it to be necessary; cover for acts of vandalism is not standard and inclusion will increase the premium payable.
Protecting your Home and Reducing Your Costs
Vacant home insurance is a specialised area and not every insurance company offers it. As a result, the premiums can be high for protecting your property whilst it is empty. However, there are steps you can take to reduce your insurance costs.
• Shop around and compare the policies and cover you get for the price you pay. Obtain a minimum of three quotes to put side by side. Every company is different and considering all your options could bring your premium down.
• Try negotiating prices with companies.
• Review security and safety features in your house. Think about installing a security alarm system and deadbolt locks but remember to weigh up the costs of installation against the savings on your insurance and the risk to your empty house. Replace smoke alarms batteries before you leave to go overseas.
• Ask someone to check regularly on your property, move small items around and remove mail from your letterbox.
• Make the house looked as lived in as possible, despite your absence. If you plan to take your furniture overseas with you, consider obtaining a few unwanted items from associates or a charity shop, particularly window furnishings. Put random timers and sensors on your lights and make sure your mail is re-directed so that it does not pile up at your front door. If someone is checking your home for you on a regular basis, make flowers or plants visible.
• Maintain your house and outside areas whilst you are away. Weeds cluttering your front path, long grass or an overgrown hedge are all advertisements for your absence. Employ a gardener or handyman to take care of your property for you.
• Ask a neighbour to park their second car in your drive.
• Try negotiating prices with companies.
• Review security and safety features in your house. Think about installing a security alarm system and deadbolt locks but remember to weigh up the costs of installation against the savings on your insurance and the risk to your empty house. Replace smoke alarms batteries before you leave to go overseas.
• Ask someone to check regularly on your property, move small items around and remove mail from your letterbox.
• Make the house looked as lived in as possible, despite your absence. If you plan to take your furniture overseas with you, consider obtaining a few unwanted items from associates or a charity shop, particularly window furnishings. Put random timers and sensors on your lights and make sure your mail is re-directed so that it does not pile up at your front door. If someone is checking your home for you on a regular basis, make flowers or plants visible.
• Maintain your house and outside areas whilst you are away. Weeds cluttering your front path, long grass or an overgrown hedge are all advertisements for your absence. Employ a gardener or handyman to take care of your property for you.
• Ask a neighbour to park their second car in your drive.
The more you do to make your house secure in your absence, the better your chances are of securing a discount on your vacant home insurance premium.
You can now get free and easy quotes to help you choose the best international building and contents coverage for your vacant home, holiday home or current house insurance .
Amanda Van mulligen
