Vacant Home / Building Insurance Coverage Options in Texas
Agreed Loss Settlement
If your home is destroyed by an insured loss, you receive the full amount of agreed upon insurance for your home (minus any applicable deductible). No hassles.
Actual Cash Value
In the event of a covered loss, this covers the cost to replace or repair your damaged property, with a deduction for depreciation, which reflects the age and condition of your home.
The Supreme Court of state of Texas has defined vacant home and occupied homes for purposes of home insurance as follows:
“A house is ‘occupied’ when human beings habitually live in it as a place of abode; a house is unoccupied when it ceases to be used for living purposes or as a customary place of human habitation.”
if you know your Texas home or property is going to be vacant soon, it is best to talk to one of our agents so that we can help you assess and if needed acquire a vacant home insurance. Not acting in advance for these types of affairs can lead to periods of time when your vacant home is not insured, although you may be wrongly under that assumption that it is insured.
Types of Vacant Home Insurance Policies in Texas
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VACANT HOME INSURANCE FOR WHEN YOU ARE GONE
Otherwise known as Malicious Mischief Coverage, it offers protection against sinister and illegal acts such as vandalism or arson of a vacant building.
Vandalism
Personal
Liability
This coverage offers protection if you are legally found to be responsible for an accident that has injured someone or damaged their property on your vacant premises.
This type of policy cover typical risks or "perils" (fire, explosion, lightning, winds and hail damage) which are specifically named in your policy, with certain exclusions and conditions.
Named
Perils
