It’s not uncommon for Orlando property owners to find themselves in possession of a vacant property for one reason or another. Just because your properties is uninhabited, does not mean it should be left unprotected. Whether it is a property you are trying to sell, a rental property without a current tenant or even a secondary residence for vacation get aways, unoccupied properties have unique set of property insurance needs. In fact, according to the National Association of Insurance Commissioners (NAIC) unoccupied homes and dwellings are far more vulnerable to a number of loss and liability exposures than primary residences and regularly occupied properties. Many of which are not covered under typical home insurance in Orlando Florida.
Most standard Orlando homeowner’s insurance policies are not designed to protect properties which go unoccupied for a time period longer than a month or two. By law a property can be legally considered vacant after 30 consecutive days without occupation. As such, securing the right vacant and unoccupied property insurance coverage for your holdings is vital.
It is important to note that there is a distinction between a vacant home and an unoccupied dwelling in terms of insurance. A vacant property is loosely defined as a property that the owner is no longer residing in nor has any personal belongings left in or on the property. Vacant properties are typically those up for sale or could be residences which were abandoned by the owner for some reason. On the other hand, an unoccupied dwelling is one where the property owner is no longer residing on the premises for a long period of time, however their furniture, belongings and other property remain on the premises. This is commonly the case with secondary residences, vacation properties and rental properties. Because vacant and unoccupied homes pose a higher risk for losses and damages than occupied homes, coverage for these properties can often be harder to come by.
Orlando vacant property insurance is structured similarly to a standard homeowner’s insurance policy, which can be customized to meet your property’s specific needs. This coverage can help protect property owners from bearing the financial burden of many common perils and hazards such as fire, explosion, wind, hail, theft, vandalism and others. These policies help provide financial support to the owners should their property or it’s contents suffer physical damage or expenses incurred should an accident occur on the premises.
At Newman Crane we strive to protect our clients’ personal properties with insurance that’s tailored specifically to their needs. Our qualified risk analyst will work meticulously with you, offering advice on the best type of coverage for all of your Orlando vacant property and unoccupied dwellings. For more information about or Orlando personal insurance products, call our office today at 877.874.4673.