Why are vacant policies so expensive?

1. Higher risk of damage: Empty homes are more susceptible to vandalism, theft, and water leaks because no one’s there to catch and address problems quickly. Think broken windows, burst pipes, or squatters causing havoc.

 2. Slower detection and repair: Even minor issues can snowball into major ones when a vacant property goes unnoticed. Imagine a slow leak turning into a moldy mess before anyone discovers it!

 3. Increased liability exposure: Vacant properties attract curious trespassers, especially children. Unsecured pools, broken stairs, or even attractive nuisances like abandoned toys can lead to injuries and costly lawsuits. The lack of supervision further amplifies the risk.

In short, vacant homes pose a multi-pronged challenge for insurers. They’re more likely to suffer damage, take longer to repair, and expose the owner to potential liability claims, justifying the higher premiums.

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