Having N.C. homeowners insurance for the protection your home deserves isn’t as simple as it might appear, for your policy comes with provisions, conditions, and exclusions. Many people don’t realize that if you leave your home for an extended period of time that it could compromise your homeowners insurance coverage. According to the National Association of Insurance Commissioners (NAIC), your home may be considered vacant if it is unoccupied for 60 days or more. Because there is a vacancy exclusion in your standard N.C. homeowners policy, you may be at risk for a coverage denial in the event of a loss. Do you know how to protect your vacant home in the event you have an extended leave?
Imagine moving completely out of your home only to find out that vandals have caused damage to all your windows, remaining appliances, walls, and exterior brick. Because you have been gone for 4 months, you had no idea this act of vandalism occurred, nor did you inform your local N.C. independent insurance agent of your vacancy. Now you are faced with a denial of coverage along with a potential policy cancelation and will be responsible for all the damages out of your own pocket. This type of scenario is all too familiar with houses that are vacant, which is why the insurance industry has set this type of vacancy exclusion.
Vacancy Can Be Vague
The difference between a home being vacant or merely unoccupied can sometimes be vague, leaving it up to the insurance companies to decipher by investigation; so it is always recommended if you plan to leave your home or find yourself in a situation where you will be gone for an extended time period, always contact your local N.C. independent insurance agent with the details of your situation so that a plan of action/insurance solution can be set in motion.
If a home is vacant, it may be completely empty of all belongings (clothes, furniture, decorations) and people. For example, if you have moved out completely and your home is ready for new owners to move in (home for sale) then your home is vacant. Contact your local insurance agent to see if a vacant dwelling fire policy is right for you, if this is your situation. A vacant dwelling fire policy is designed to protect the home structure itself should a fire ensue.
If your home is simply unoccupied, your belongings may still be there, but you may be vacationing, renovating your home, or receiving medical treatment in a facility other than your home. Even so, always let your local N.C. independent insurance agent know of your home status regardless of your situation so the proper action/protection be enacted.
Small Losses Can Turn Big If Undetected
From an insurers’ standpoint, a home that is vacant and/or unoccupied has a much higher risk of disastrous losses taking place simply because nobody is there to recognize a loss or address it in a timely manner. For example, if you are living in your home and notice a small leak, you immediately take action to stop the leak; however if you are gone for a lengthy time period, that small leak goes undetected and may eventually result in thousands of dollars in flood damages. Always remember that you need to take precautionary measures to protect your home in the event you are gone for a lengthy time period.
Contact us TODAY at Twin City Insurance Agency at 828-464-2643 with any questions you may have regarding your home being vacant or unoccupied and we can assist you with sound insurance solutions.