An unoccupied house during renovation is a great opportunity to get insurance. The risk of loss is minimized, and the homeowner can focus on their project.
Why you need insurance for an unoccupied house during renovation
If something unforeseen happens and the house is damaged during the renovation process, your insurance will help cover the cost of repairs. If you have any subcontractors working on the property, they may require insurance in order to protect themselves should something happen while they’re working. If you need to vacate the house for any reason while the renovation is ongoing, your insurance will cover the cost of moving out.
So whether you’re renovating an old home or building a brand new one, it’s important to keep your insurance in mind. With the right coverage, you can rest assured that any problems will be taken care of quickly and without any extra stress.
What kind of coverage you need
If you are renovating an unoccupied house and will not be living in it, you will need liability insurance. This is because you could be sued if someone is hurt while working on your property. You should also have property insurance to cover any damage to your house or possessions while you are away.
How to get coverage
Purchase homeowner’s insurance for the property.
Purchase liability insurance for the contractor or subcontractors working on the property.
Obtain a general liability policy that covers any injuries or accidents that may occur while the house is unoccupied.
Obtain flood insurance if you live in an area at risk of flooding.
Make sure to consult with your insurance agent about the specific coverage you need and make sure that it is adequate for your particular situation.
What to do if you can’t get coverage
If you have an unoccupied house that is being renovated, you may be able to get insurance for the project. Make sure to research your specific situation and speak with an insurance agent to find out if this is possible.