Considering that vacant buildings are more susceptible to vandalism, fire, undetected repairs, and other types of losses, they can pose significant liabilities to the property owner. If you own vacant property, it’s crucial to protect it against these heightened risks with vacant home insurance, also referred to as vacant property insurance or vacant building insurance.
Common Risks Associated with Vacant Property
If you own a vacant home, you will be more exposed to many risks, such as fire, windstorm or hail damage, lightning, smoke, vandalism, sprinkler leakage, presence of squatters causing damage without your knowledge, and malicious mischief and general property destruction.
If your occupied property becomes vacant, it’s crucial to alert your insurance agent immediately, as failing to give adequate notice could result in denial of coverage in the event of a loss. Vacant home insurance will protect your property against damage as well as liabilities if someone is injured on your vacant property and sues you.
The Cost of Vacant Home Insurance
Not surprisingly, with increased risks comes increased cost. A typical vacant home insurance policy costs about one and half to three times as much as a standard property insurance policy. However, when you consider the costs of significant property damage or a lawsuit, the potential return far outweighs the cost. In addition, working with an independent insurance agent who is not tied to one insurance provider can help you secure vacant home insurance coverage at the best possible rate.
At Eaton & Berube, we will take the time to learn about your vacant property and its unique exposures, quote your coverage with the many reputable insurance companies we represent, and ensure that you receive all of the discounts for which you qualify. If you need vacant home insurance in New Hampshire, rely on our experienced agents, who have been serving NH property owners for more than 70 years, to help you secure the most affordable coverage.
In addition to Nashua where our office is located, we are pleased to provide vacant property insurance in Hudson, Hollis, Brookline, Litchfield, Amherst, Merrimack, Bedford, Manchester, Concord, Milford, Goffstown, Derry, Salem, Londonderry, Windham, Wilton, Mont Vernon, and all of New Hampshire. Call us today at 603-882-2766 or submit our online quote request form to get a free New Hampshire vacant home insurance quote!