In these and related circumstances, homeowner’s insurance may be the last thing on your mind: Your elderly mother has moved to a nursing home; many of her belongings have been split among the family and her former home stands vacant. Or a son or daughter’s home is in foreclosure and they’ve had to take everything they own and move elsewhere. The vacant homes in these situations still are insured against fire or other loss, right? Maybe. Maybe not.
“Changes in home ownership and occupancy will affect insurance coverage,” says Pat Long, vice president of Eldredge & Lumpkin. “In some circumstances, homes will be covered until the existing policy ends. In other cases, coverage may last only a month or two before it is cancelled by the insurer.” The best step to take, she says, is to contact a customer service representative at Eldredge and Lumpkin and ask them to assess your situation. Often, the right kind of coverage can be put in place easily.
Insurance may also be in question when you inherit an empty home but can’t sell it in today’s market, or when new homeowners want to leave their place empty while renovations are planned and scheduled. “Don’t take the risk of becoming suddenly uninsured,” Pat Long advises. “It’s wise to just call us at 508-945-0393, and we’ll outline the choices you have.”