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Is It Possible To Buy Home Insurance For An Unoccupied House?
Sep 28, 2023

Is It Possible To Buy Home Insurance For An Unoccupied House?

A common idea about houses is that you buy them and make them into a home, i.e., you stay in them permanently. However, one family may own multiple houses in the country and have permanent residence in only one of them. The other house or houses may be put to use as a vacation home, as a native family home, or as a place you use only occasionally. On the other hand, you may have one permanent house, but you may be residing in another city, state, or country with your family for the purpose of work. Thus, your native house may lay unused for a long duration, with nobody to look after it. In both these cases, you have an unoccupied property, i.e., a property that you own but do not reside in. You may still feel the need to protect this property, especially if you have stored your belongings here. Even if not, the house may be prone to damage from natural disasters, against which you may need protection. One way of getting financial security against any threat to your house is getting it insured. Buying a home insurance policy may not directly protect you against any risks that your house may face, but it may help you deal with the financial consequences of the same. Usually, home insurance policies are available for homes that are occupied. For example, an owner can purchase a policy for a house they reside in, or a house that they have rented out to someone. Even tenants could buy a policy for the house they are leasing. But is a home insurance policy available for unoccupied houses? Let’s find out.

Can you Insure an Unoccupied House?

In India, it is possible for homeowners to insure an unoccupied house. There is a range of coverages offered for you to be able to stay financially protected to face any harm that may befall your unoccupied property. Some of the various types of home insurance coverages available in India can protect your house against natural disasters, fire, vandalism, and theft.* Buying home insurance for an unoccupied house may not be an experience entirely similar to buying it for a house you permanently reside in. One of the differences you may notice is in the premium costs. Home policy for unoccupied properties could cost a little higher than their occupied counterparts. One of the reasons for this may be that unoccupied properties are presumed to be at a higher risk of theft or damage.* One may also realise that the higher risk of theft makes it more important for owners to secure their unoccupied houses with a policy. Your unoccupied property may still be housing your furniture or valuables, such as your jewellery or art. The higher risk of theft means that there is a higher need to get the property insured.

Benefits of Unoccupied Home Insurance

Many people may not feel the need to insure an unoccupied property. However, it is at least as important to insure your unoccupied property as it is to insure the home that you live in. Here are some of the benefits of buying home insurance for an unoccupied house in India.

·         Peace of mind

Knowing that your home is protected from damage or theft can give you peace of mind, even when you are away.

·         Financial protection

If your home is damaged or destroyed, home insurance can help you to cover the costs of repairs or rebuilding.*

·         Reduced stress

Dealing with the aftermath of a home disaster can be stressful and time-consuming. Home insurance can help to reduce stress by taking care of the financial burden.*

Keeping your Unoccupied House Safe

Buying a suitable home insurance policy for all your properties can help you create an added layer of financial security. To ensure that it is done right, it is important to choose the right policy after browsing through the available options. You can also use a home insurance calculator to get an idea of the premium you may have to pay for your unoccupied house, based on the details you provide to the calculator.* In addition to home insurance, there is also a need to employ the right security measures. For example, if your property is occupied by any valuable goods, you may like to install security systems like CCTV cameras, burglar alarms, etc. Furthermore, you should also look after the upkeep of the house, as if it is not occupied, it may be more prone to wear and tear due to the weather. When you are planning to buy a policy, try to get one with maximum coverage, i.e., all belongings in your house are insured against multiple possibilities.   *Standard T&C Apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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