Home Owner Insurance Policy Gotchas

All too frequently home owners who suffer a storm damage loss or fire loss when their home is unoccupied find their claim for insurance benefits denied. In many insurance policies there is a clause that excludes coverage for a loss that occurs when a home is vacant for an extended period of time (usually 30 days or more) at the time of a loss. As a practical matter, the exclusion makes sense. Statistics show that vacant property is at greater risk of vandalism or arson or frozen water pipes, than occupied property. Sometimes spending a winter in Florida can result in a property being deemed vacant. If you have to vacate your home for any reason for more than simply a vacation, check your policy, or contact your insurance agent. Many times, for a small premium adjustment, coverage can be extended even when a property is vacant.