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Vacant homes still need home insurance

A specialty insurance company said vacant homes may lose coverage for certain property damages as soon as 30 days after first becoming vacant.

When an elderly family member passes away, or can no longer live in their home, it may not occur to the family that the homeowner’s insurance on the property may lapse after as little as 30 days.

A specialty home insurance provider says consumers should consider buying a new policy to cover the property as soon as possible once their elderly parent is no longer able to live in their home.

In many states, home insurance policies can be dropped by the carrier if a home remains empty past a certain number of days, usually 30 days to 90 days, the insurer said.

Some losses, such as vandalism, may not be covered if the home has been empty as little as 30 days.

Often it takes months for families to determine what to do with the empty house, but the policy coverage has likely lapsed after about three months, the company said.

The insurance company said it is seeing an increase in requests for this type of home insurance, due to an aging population.

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Posted: April 27, 2009

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