Your grandmother passed away. You learn you will receive her home from the will. This could be a very good thing, but you might not be ready to move right in. In this situation, it is essential to begin protecting the home as soon as possible. It is never wise to leave the home without insurance coverage. However, the type of coverage you need may be a bit different for now.
Who Lives There?
One of the first concerns about inheriting a home may be living in it. Individuals who do not move into the home may find they need to buy unoccupied or vacant home insurance.
Vacancy in a home of any type can cause insurance companies to worry about risks. Some insurers will not provide coverage for vacant homes. In other cases, you may need to purchase a separate level of protection for the home. Or, you may have a limited amount of time to move into the home or sell it to keep an existing policy in place.
What Is The Problem?
For someone who just obtained the home, this can seem overwhelming. How can you protect the asset? The problem stems from a lack of security. Vacant homes are more likely to suffer break-ins, vandalism, and theft. With no one living there, damage to the property is likely. And, you may experience concerns related to unexpected incidents. For example, a storm may hit the roof, damaging it. This may allow water to enter into the home. But, with no one living there, no one knows about the damage until it worsens.
What Should You Do?
If you obtain a home for any reason and you do not plan to move in right away, call your home insurance company. Explain the situation. Talk about the safety measures you are taking to keep the property safe. You may be able to rent it out to someone in the meantime or have a family member live there. These steps may help encourage the insurer to provide coverage.
The worst step you can take is not providing the insurer with information about the property. If the home insurance company does not know the home is vacant, they may not honor claims you make. Talk to your Florida home insurance agent about your options and goals. Then, be sure to purchase enough coverage to minimize any risks.