You need vacant home insurance because your unoccupied property may be at risk of vandalism and weather damage. Generally, insurance providers consider a home to be vacant if it’s unoccupied for 30 to 60 consecutive days. The policy should contain liability, peril and vandalism coverage. The typical unoccupied home insurance cost is $1,842 or higher.
Top Vacant Home Insurance Providers
| State Farm | Insuring vacant condos, although it does offer coverage for other types of properties |
| Liberty Mutual | Saving money because it offers multiple types of policy discounts like early payment discounts |
| Geico | An investor who wants an umbrella policy that can cover vacant homes, land and rental properties |
| Farmers | Investors who own multiple vacant homes, want a specific policy for each vacant home and don’t just want to add an endorsement to their homeowners policy |
Generally, unoccupied house insurance providers offer similar types of policies for your unoccupied house. They’re mostly nationwide and a good place to start looking for unoccupied home insurance is with your current insurance provider. You should compare vacant home insurance cost, policy coverage, and areas covered when looking for a provider.
Four top unoccupied home insurance providers are:
1. State Farm
State Farm is a leading vacant home insurance provider and a well-known nationwide insurance company. Its typical homeowners and rental property insurance policies don’t offer vacant property insurance coverage. Instead, you need to contact your State Farm agent to add a vacant property endorsement to your current policy. If you don’t already have coverage with State Farm, you can purchase a policy and then add the vacant property endorsement.
State Farm is right for investors who have a vacant or unoccupied condominium because State Farm is one of the few insurance providers that offer separate policies for condominiums. Once you’re on its site, it offers some helpful tips on securing your vacant home and keeping it safe.
2. Liberty Mutual
Liberty Mutual is another well known vacant home insurance provider that also offers nationwide coverage. It’s similar to State Farm in that it also requires an endorsement for any property that’s going to be unoccupied for 30 or more days. You need to notify the insurer when a property becomes vacant. It will add a vacant property endorsement to your existing policy, and then remove it once the property is occupied again. It offers a unique discount for properties built or renovated within the last 13 years.
Liberty Mutual is right for an investor or homeowner who wants to take advantage of its many discounts. It’s also right for investors with multifamily homes because it offers specific policies for properties with two to four units.
3. Geico
Geico is another nationwide, reputable vacant home insurance provider that generally has the same policies as the other providers. Its typical rental property and homeowners policies don’t cover vacant or unoccupied homes. Instead, you need to contact your local Geico agent if your property is going to be unoccupied for 30 or more days. New customers can go to its site and find an agent by typing in the property’s ZIP code. It also offers umbrella policies and flood insurance.
Geico is right for investors who want to purchase an umbrella insurance policy to protect against liability and lawsuits on multiple properties including vacant properties, rental properties and land. It’s also right for you if you already have a homeowners or auto policy with them.
4. Farmers
Farmers is another leading nationwide vacant property insurance provider. Its site goes into the most detail on the types of vacant home insurance coverage it offers. Unlike the other providers, it doesn’t offer vacant property insurance endorsements. Instead, it has separate policies that are pro-rated based on the amount of time the property will be vacant. Its policies include named peril coverage, vandalism coverage, total and partial loss coverage as well as liability coverage.
Farmers is right for you if you want a specific policy for your vacant home and don’t just want to add an endorsement to your current homeowners policy. It has something called the Farmers Vacant Home Program that is tailored to vacant and unoccupied homes.
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