Financial Dangers of Vacant Homes

With the recent foreclosure rate being at an all-time high, many homes are sitting vacant. To further complicate matters, these homes are sometimes vandalized – or a theft occurs – or pipes can burst – and no-one is there to care for the emergency. Additionally, someone could trip and fall on the property, and the owner is still liable to Queen Bedroom Sets For Small Rooms pay for their medical treatments for their injuries, even if the owner is no longer living in the home. The legal responsibility falls upon the property owner until there is a transfer of title. When you have insurance on an occupied home, many of these things are covered, but when the home is vacant – that is an entire different story.

Most insurance companies have a clause written into their homeowner’s policies, restricting what they cover when a home becomes vacant – it is called the 30-day rule. If your home is vacant for over thirty days, and it is not due to an extended vacation, you should be aware that if there is a claim – for vandalism or a broken water pipe or any other problem that may occur – your insurance company is well within its rights to deny coverage. When your coverage is denied, the full cost of repairs, medical bills, or legal fees falls fully upon the owner.

Now, you might say that you “can’t squeeze blood from a turnip,” but you’d be surprised! Lawyers can attach your future wages – or worse… they could take action against you and seize funds you’re your retirement plans, college savings plans, or any other assets you may have. There are alternative companies that will insure vacant homes, but the price is often higher, much higher than many of us would be able to afford. But, if you have a vacant home and you cannot be there to keep an eye on it, your home will be covered with vacant home insurance. However, if this type of insurance policy will not work for your budget, there are some other things that you can do to help protect your property.

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Listed below are things that you can do to better secure the property from vandalism, theft, or injury should occur on your property while you are not there:

If you know that you will not be at the home during the winter, be sure to have a licensed plumber winterize the plumbing to eliminate the chances of a burst pipe occurring.

Ensure that the local police department has an emergency contact number for you should a situation arise.

Make the house appear occupied by setting up lights (as well as a radio or television) on several timers, that turn off and on at different times during the day and evening, to give the appearance that someone is inside the home and moving around. Ensure that the lawn stays mowed, the gardens weeded, and the bushes trimmed. It may even be a benefit to spend the night at your home once and a while, so that it will not be considered entirely vacant.

Keep your thermostat adjusted for the season – 55 degrees for winter and 78 degrees for summer, to reduce the risk of broken pipes in winter or mold formation in the summer.

Use a security system that you can monitor remotely, to be your eyes and ears when you cannot be all is Growing Vegetables Indoors Hydroponically said and done you should talk to your agent about your policy…plans do vary from state to state too.

Easy online Homeowners, renters and condo quotes are available too.