by Guest » Fri Jan 11, 2013 12:28 pm
I have shifted to my second home. But the home I used to live in still has its insurance. I don't want to sell it now and my insurance is up for renewal. Are the insurers going to hike the rates since we are not using it now?
Posted: Fri Jan 11, 2013 10:06 pm Post Subject:
Only if you apply for a vacancy endorsement, which is highly recommended. Failure to occupy for more than 6 months will eliminate several important coverages, like vandalism & malicious mischief, and water damage claims due to bursting or freezing of plumbing.
Posted: Mon Jan 14, 2013 10:35 am Post Subject:
Exclusions for 'neglect' or 'abandonment of property' is usually present in most home insurance policies. It'll come into effect after your home has been vacant for more than 30 or 60 days.
If your policy doesn't have such provisions, you can try buying a new vacant home insurance (from same or different insurer) which is apparently going to cost more.
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