Why you need vacant home insurance
Heading south for the winter? Why you need vacant home Insurance.
You may think your home insurance policy has you covered but this assumption could prove costly.
As baby boomers continue to reach retirement, owning a second home or vacation property continues to be a growing trend. More and more Canadians are stamping their Snowbird passports and spending the Canadian winter months in the sand and sun. Of course they have home insurance, so they are covered for potential losses related to their home. Well, not necessarily. If their stay extends beyond 90 days they likely require Vacant Dwelling Insurance.
Most home insurance policies do not cover losses beyond 90 days of vacancy. It is expected that your home is not left to chance. Any dwelling that is vacant for an extended period is at increased risk of loss and the onus is on you to determine what your policy covers. Vacant home Insurance is required to cover any losses that could arise from vacating your home for an extended period of time.
Consult your broker or policy holder regarding vacant home insurance. The onus is on you to confirm you are properly insured
Snowbirds of course are just one example where someone’s home would be left vacant for an extended period. Other reasons would include a cottage or vacation home that is only occupied for a few months a year or extended hospital stays. Your standard home insurance likely would not cover what you’d consider “regular” losses if the dwelling is left to its own devices for months at a time.
It may be tough to think about vacant dwelling insurance during the kind of situation where you may be in a hospital for a prolonged period, but it is necessary to cover you from having to pay out of pocket for any damages. Leaving the hospital after that kind of ordeal only to find out that you had a flood, or break in, that may be ineligible for coverage would only add to your stresses.