Do I Need Vacant Home Insurance?

  1. 12689 POINTS
    Ted Ratliff
    Owner, SFS Associates,
    Yes, if you own a home that is vacant you can still be held liability for damage to the home and liability.  For example, if that home catches fire and causes damage to a neighbors house, if someone gets hurt on the property etc.  If there is a mortgage on the home the bank will require insurance.  While you are not required by law to have insurance on a vacant home, you leave yourself open for major lawsuit if you do not cover it.
     
    Answered on April 26, 2013
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  2. 16470 POINTS
    David Osgood
    Agent, Rural Mutual Insurance Co., Union Grove, WI
    I agree with Ted. Just because a property is vacant does not mean that your liability stops on the property or that the mortgage disappears. You own the property, it has some value, why not protect your investment. Wouldn't it be better to receive a check if the property experiences a covered loss as opposed to a bill for the clean up of the property and no check because it wasn't covered not to mention the liability exposure. If you own the property typically you will be held responsible if someone is hurt while on it. Call your local agent for pricing of this type of coverage.
    Answered on April 26, 2013
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