If you will be away for some time due to travel or medical reasons, you may leave your home vacant or unoccupied. During the time you are away, something might happen to your house. Someone might break in and try to steal your appliances. While we do not want such untoward incidents to happen, you need to be prepared. And this is where having Liberty Mutual vacant home insurance can come in handy. These types of insurance can give you some peace of mind when your house is left vacant. Let us eplore how this type of home insurance works.
Cost of Vacant Home Insurance
The first thing that will come to your mind about vacant home insurance is the cost. There are different factors that can affect the cost of your policy. It can be difficult to speculate about the cost yourself. The best thing you can do is ask for a quote. However, a rule of thumb is to estimate 50 – 60% of what you normally pay for homeowner insurance.
Coverage of Vacant Home Insurance
There are different options you need to consider when looking for Liberty Mutual vacant home insurance. However, you will be limited to what is being offered in the policy. In most instances, however, your coverage will be against peril. This refers to natural calamities such as fire or wind damage. Others will offer coverage against vandalism.
You may also opt for settlement in case your house had been destroyed. The settlement may include liability coverage against injury to someone on your property and the actual cash value of your home in case something happens to your home. This is usually combined with a deduction covering for depreciation.
When Do You Need It?
How do you know that it is time to avail of vacant home insurance? If your home will be unoccupied for a long period of time, consider getting this type of policy. If you already have one, the challenge will be if your current insurer will extend the coverage period that the home is vacant.
There are instances when you plan to rent out or sell the house and people actually come by to see it when you were not around and something happens. Will your insurance company agree to extend the policy during that time?
However, if you are not selling or renting out your home and you plan to do some extensive repairs, then you have no other option but to get vacant home insurance.