If you own a second home in Denver, CO, whether it’s a vacation home, an investment property that you’re waiting to flip when the market is looking up, a rental home, or just something you’re saving for retirement, you’re going to find that insuring it is a little different from insuring your primary home.
The big difference: If that home is unoccupied, then you’re going to be paying higher liabilities.
Some insurers might not even cover a home that is unoccupied for more than six or twelve months at a time.
The reasoning behind this is pretty simple: If something happens, there’s nobody around to fix it. This means that if a pipe bursts, nobody’s going to know until it’s already flooded the home. If there’s a break-in, it might be a year before you find out and file a report. If there’s a rodent infestation, they’re probably going to have chewed through a lot of wires by the time you call an exterminator.
An easy way to fix this: Get someone in that home. If it’s a rental property, don’t leave it unoccupied for too long. If it’s a vacation home, see if you have any friends looking for a quick getaway. Or, take this as an excuse to take that vacation you keep talking about. The longer your home goes unoccupied, the bigger a risk you, and your insurer, are taking on.
You’ll also want to let your insurer know when your home is going to be unoccupied. If you’re buying a new policy on a second Denver, CO home from Alliance General Insurance Agency, let them know it’s a second home, and Alliance General Insurance Agency will set you up with the policy you need.