With the real estate market heating up and property values rising across the country, more investors are interested in flipping houses. Although reality shows make flipping a house look easy, they usually don’t cover insurance for the investment property for the duration of the flip. Insurance companies offer vacant property insurance for just this purpose—here is some essential information about this type of coverage.

A Guide to Vacant Property Insurance

What Is Vacant Property Insurance & What Does It Cover?

Vacant property insurance protects an unoccupied home while you’re in the process of making updates or repairs to the property. This type of coverage can also be purchased if you are in the military and stationed overseas or if you have a house for rent or sale. Vacant property coverage protects you from common perils including fire, wind damage, lightning, and vandalism. 

Why Do I Need This Type of Coverage?

Many investors are surprised to find out that the insurer that provides their homeowners and auto insurance does not protect their investment property. Traditional homeowners insurance policies are designed only for occupied homes, and if your property is unoccupied when a claim occurs, your claim can be denied by the insurance company. Only a specialized policy designed for vacant homes can provide protection if you file a claim during the flipping process.

How Do I Purchase a Policy?

It’s important to shop around with different insurance companies to find the right policy. When you work with an insurance agent instead of a provider from a specific company, you can know that they will work on your behalf to find the best policy for your individual situation.

BestRate Auto Insurance, serving the Statesboro and Vidalia, GA, areas, provides affordable coverage for your unoccupied home with policies designed specifically for your needs. Call the Statesboro location at (912) 489-5942 or the Vidalia office at (912) 403-3250 to speak to a homeowners insurance agent. You can also visit them online to learn more about their insurance company.