5 Insights Landlords Should Know About Vacant Dwellings


Many landlords assume that when a rental dwelling is vacant due to construction or changes in occupancy, they don't need insurance on the property. In reality, the need for coverage may actually be greatest when the structure isn't occupied. This is known as vacant structure insurance.

If you are talking to property owners about their rental dwelling coverage needs and how US Assure’s property program can help, here are five insights they should know:

1. High risk of loss. The risk of thieves and vandals targeting vacant structures is high. In a recent blog post, several potential risks property owners should consider for vacant rental property was highlighted. The potential risk can be devastating, so landlords should understand that they have options when it comes to insuring their properties.

2. One policy can cover multiple properties. Landlords who own multiple structures in the same state are often surprised to learn that they only need one insurance policy to cover all of their rental dwellings. As long as the structures are in the same state and have the same occupancy coverage needs, there is often no need to purchase separate insurance policies. 

3. Changes to coverage are surprisingly flexible. Policies covering vacant rental structures can be converted easily to provide dwelling coverage. This may be comforting news for property owners who expect their occupancy to change.

4. All protection classes. Vacant rental structure coverage is available for all Insurance Service Office (ISO) public protection classifications, as long as the property is located within five miles of a fire station. 

5. Not just for freestanding homes. While coverage is available for single-family homes, it is also available for individual condominium or townhouse units, and for mobile homes that are anchored or are on a permanent foundation. 

Of course, not all structures will qualify for coverage. To learn more about vacant and rental structure coverage download 10 Items to Consider Before Quoting Vacant and Rental Property Insurance.

This is intended as a general description of certain types of insurance and services available to qualified customers. Your policy is the contract that specifically and fully describes your coverage. The description of the policy provisions gives a broad overview of coverages and does not revise or amend the policy.

Vacant Structures Breed Conditions for Owner’s Risk

Owning rental property comes with many risks, especially when tenant occupancy fluctuates. Learn 10 tips to help protect your clients with vacant property insurance. 

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