Vacant Property Insurance in Florida

What Is Vacant Property Insurance?

Vacant property insurance is specialized coverage for homes or buildings that are unoccupied for extended periods. Standard homeowners and property insurance policies typically exclude or severely limit coverage when a property is vacant for more than a certain number of days, usually 30 to 60 days. Vacant property insurance fills this gap, providing protection against damage, theft, vandalism, and liability while your property sits empty.

Why You Need Vacant Property Insurance

• Standard homeowners insurance stops covering your property after it has been vacant for 30 to 60 days
• Vacant properties face higher risks of vandalism, theft, and undetected damage
• Protects your investment while you market the property for sale or rent
• Provides coverage during renovations when the property cannot be occupied
• In Florida, vacant properties are vulnerable to weather damage that may go unnoticed without regular occupancy

Common Coverages

Vacant property insurance covers the structure of the building against perils like fire, lightning, windstorm, hail, and explosion. Many policies also cover vandalism and malicious mischief, though this coverage may have limitations or require additional premium. Theft coverage is typically included but may be limited compared to occupied property policies. Liability coverage protects you if someone is injured on the property while it is vacant. Some policies offer coverage for building materials and equipment if you are renovating the property. Coverage for water damage may be restricted, and insurers often require that utilities remain on and that the property is regularly inspected.

When Do You Need Vacant Property Insurance?

You need vacant property insurance when your home or building will be unoccupied for more than 30 to 60 consecutive days. Common situations include when you are marketing a property for sale and it remains unsold, when you are between tenants and the property sits empty, during extensive renovations that require the property to be unoccupied, if you own a second home that sits empty for extended periods, or after inheriting a property that you have not yet decided what to do with. The Gordon Agency can help determine exactly when your standard policy stops covering your property and ensure you have protection in place before the gap occurs.

What Are the Requirements?

Insurers that offer vacant property coverage typically have strict requirements to minimize risk. You may be required to keep utilities connected, including water, electricity, and heat, to prevent damage from frozen pipes or other issues. Regular property inspections, often weekly or monthly, may be mandatory with documentation required. You must maintain the property in good condition and promptly address any maintenance issues. Securing the property with working locks, and sometimes additional measures like boarding windows, may be necessary. Failure to meet these requirements can result in claim denials.

How Much Does Vacant Property Insurance Cost?

Vacant property insurance is more expensive than standard property insurance because of the increased risk. The exact cost depends on factors like the property's location, condition, how long it will be vacant, the coverage limits you select, and the property's claims history. Working with The Gordon Agency helps you find competitive rates while ensuring you have adequate protection during your property's vacancy period.