Although vacant properties attract undue attention from thieves and vandalism the vacant property insurance policy is much lower than a normal home insurance policy. This is because most insurance companies find vacant property rife with possibilities of theft, fire, floods etc. Similarly a storm could burst the pipes causing water to flood in the vacant house.
With vacant property insurance your vacant property is insured against such contingencies. However before you sign the policy papers you should check that vandalism is mentioned in it. If at all it is not, then including it could raise the cost of the insurance premium.
Although the competition among insurance companies is huge, there are very few that offer vacant property insurance policies. This is one reason why premiums for the policy are high; however there are a few tips that will help reduce the cost.
- You should check with atleast 3 other insurance companies and get quotes regarding the premium you will need to pay. This is essential since every insurance company is not the same, getting the best by shopping around will help you choose the one with lesser premium.
- You can also negotiate with insurance companies to lower the premium. Most of them will oblige, and this should be of good help to you.
- Check all the safety measures that you have implemented in your vacant house. Some of them include installing an alarm system, deadbolt locks etc. Smoke alarm systems are also great if you want an alarm to go off incase there is a spark of fire in the house.
- You could also ask someone like your friend or neighbor to regularly check your vacant property for you. You could also let them pick up your letters from the letter box. This should give your home a live-in feeling.
- Try not keeping the interiors of the house empty. If it is put in some furniture so that it looks like people are living in it, you can also put in curtains. This need not be expensive furniture; you can get some inexpensive one from a charity shop etc.
- Arrange for someone who will maintain the outside of your vacant property if it is not in a building. You can get the snow shoveled off, or even the weeds removed.
These steps will help you secure your house when it is not occupied. These will also offer you a better chance of getting insurance with a discounted premium.