Your home insurance: what is the difference between a vacant home vs a vacant dwelling? And why is it important?
Keep your up-to-speed broker with changes in your life can save you from stress (and perhaps money) on your insurance. If you are a bird snow or someone who travels for work (either back to Fort McMurray or around the world), you have to let your broker know. Or if you sold your house and moved into another home, but have kept your previous home, keeping your broker in the loop will help ensure that you have adequate cover in place with regard to your situation and possible risks.
What is an unoccupied dwelling?
- A housing you intend to return to
For example :. Someone who leaves their home to Calgary to spend three months in Arizona - their home would be considered an occupied dwelling. Even if they are out of town, they always intend to return after three months. (* Your home is considered vacant if left for more than 96 hours.
What is a "vacant housing"?
- a housing in which you have no intention of returning to (regardless of the presence of the furnishings)
for example :. If you bought a home and relocated . it but still did not sell your home first because you have no intention of returning to the first residence, it is considered a "vacant housing," notes: .. staging a home is not considered occupied and will not change that status
Here are some steps you should take before you travel (unoccupied dwelling): ..
- Call your broker and inform them of your Plans
- Remember to turn water off and drainage pipes
- Do your best to make the house more occupied - have someone check your mail and shovel your walk and / or mow the grass
- have someone check your house daily (each insurance company has different requirements, but once a day should cover you!)
If you are someone who made a trip north, chances are you're out of your home more than 96 hours at a time. Once you've gone over 96 hours, your home is considered an unoccupied property. With a work schedule and lifestyle as it is probably annoying to shut off the water and drain pipes every two weeks (depending on your rotation.) Moreover, the alternative to hire someone to come and check on the place can be expensive. Something you may not know that some insurance companies will install an alarm house that has a temperature sensor and water, so you would not need someone to check on your home at all. It is important to mention is that the alarm system must be secure call center and you should always have a local point of contact if something happens and you're out of town.
Remember that as you told your broker you are away and have done our best to ensure that your property is taken care of, you can travel without worry or concern.
Here are some steps you should take if you have a vacant unit:
- To obtain a "license Vacancy" from your insurance company
- rating: there is little coverage on the house when it is considered vacant. They would not be covered by vandalism, glass, water or sewer backup damage, even if the vacancy has been grated permission (adding a vacancy permit). And most insurance companies still require that vacant housing be verified by a family member or relative at least 3 times a week
- After a certain period of time. (For example: six months) an insurance company can decide whether to continue coverage on a vacant house.
the insurance companies can decide not to provide coverage if you do not take the necessary steps to protect your home. If you have questions, ask your broker!
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