Understand the Risks of Vacant Properties
If you own a property that is currently vacant, it's essential to understand the importance of insuring it properly. Vacant properties can pose a higher risk of damage and liability, making it essential to secure the right insurance coverage. In this blog, we'll discuss how to insure a vacant property in Massachusetts.
Before insuring a vacant property, it's important to understand the risks associated with it. A vacant property is more likely to suffer from vandalism, theft, burst pipes, and other types of damage since no one is living in it or keeping an eye on it. Additionally, vacant properties can attract unwanted attention from squatters or animals, which can cause further damage.
Review Your Homeowner's Insurance Policy
If your property was previously occupied, it may be covered under your homeowner's insurance policy. However, most homeowner's insurance policies have exclusions for vacant properties. In Massachusetts, if a home is considered vacant for 60 consecutive days, there is no fire, lightning, or glass breakage coverage (and only 30 days if it’s a business). Be sure to review your policy carefully to see what coverage, if any, is available for your vacant property.
Consider Vacant Property Insurance
If your homeowner's insurance policy doesn't cover your vacant property, you'll need to obtain vacant property insurance. Vacant property insurance is a specialized policy that covers your property against specific risks associated with being vacant. Some of the risks covered under a vacant property insurance policy may include:
Vandalism and theft
Fire and smoke damage
Some Types of Water damage
Liability coverage for injuries that may occur on the property
Work with an Independent Insurance Agent
When it comes to insuring your vacant property, working with an independent insurance agent is highly recommended. An independent insurance agent can help you find the right coverage for your needs at a price you can afford. They can also help you understand the policy's terms and conditions, so you know exactly what you're getting.
Take Steps to Secure Your Property
In addition to obtaining the right insurance coverage, it's important to take steps to secure your vacant property. This can include things like installing security cameras, hiring a security company to monitor the property, and ensuring all doors and windows are locked and secured.
Insuring a vacant property in Massachusetts requires a specialized insurance policy to protect against specific risks associated with being vacant. Working with an independent insurance agent can help you find the right coverage for your needs and ensure that your property is adequately protected. Remember to take steps to secure your property, and always review your policy carefully to understand what's covered and what's not.
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