The vacancy clause in homeowners policy is explained by Bob Newsome, President of Business Insurance Center. A vacancy clause varies depending on the policy and is in personal homeowner’s policies, dwelling fire policies as well as commercial policies.
In standard, if the premises are vacant for more than 60 days, it is considered vacant. There are insurance companies that after those 60 days if you have a loss, they are not going to pay it.
As a result, a homeowner must be careful. Sometimes it is 90 days and sometimes it can be 30 days. It is especially important that when you are getting a renter’s policy, or you are buying and insuring a second home that you are specific on how often you will be there.
It is particularly important that properties don’t go vacant for more than 60 days. The main reason you don’t want to go beyond 60 days for unexpected occurrences. Let’s say you have a water claim, water claims are the number one claim that people have, and if you are in the home, it’s an easy fix.
You turn the water off, fix the leak, and dry it up. However, if you are gone for 60 plus days and you had a water leak you are going to have mold and your entire house may need to be condemned.
It is critical that your insurance company knows what they are insuring and that you know what your coverage will cover you for.
We hope you enjoyed Bob’s overview of a vacancy clause in a homeowners policy. Contact us today we’d be happy to walk you through what we are able to do for you and your family.
Business Insurance Center has three centers in Central Florida to choose from.
Business Insurance Center 6979 Kingspointe Pkwy Unit 9 Orlando, FL 32819 407-354-9868
Business Insurance Center 325 North Belcher Rd 1st Floor Clearwater, FL 33765 727-726-4989
Business Insurance Center 1700 South Florida Ave Lakeland, FL 33803 863-616-1755
