Vacant homes may need special insurance instead of just regular homeowners insurance.
Regular homeowners insurance is designed for homes occupied by their owners or tenants. Vacant homes generally pose a higher risk of damage, so they need to be insured differently.
Some of the risks of vacant homes include (courtesy of RISMedia):
— Break-ins: When a home has been unoccupied for awhile, it can show signs that nobody is around – unkempt lawn, full mailbox, no lights on – that can tip off burglars to an easy target.
— No emergency response: Without anyone home to call 911 or respond to emergencies, a manageable problem – such as a small electrical fire – can turn into a much larger, more costly disaster.
— Property liability: There is no one present to prevent others from entering the property or to supervise activity, which could increase the likeliness of an accident on the premises or property damage when the owner is not there.
Generally, vacant home insurance policies may be more expensive, but if a homeowner violates the vacancy clause in their contract, they could void any chance of payment or recovery of loss or damage.
If you are selling a Baltimore home and it is vacant, talk to your insurance professional to ensure your coverage is sufficient in case of emergency.