Insurance is a funny thing – most of us don’t take the time to read or understand our policies. Most people don’t even take a cursory read through their policies, or for that matter, update them. Life is ever changing and the elements of life that we need covered by insurance are too. Life is busy and it’s easy to not even think about changing or updating your policy.

Just one example would be the potential need for vacant home insurance. This is a common one especially for snowbirds or people that travel extensively. Whether you are a senior, or the adult children of seniors, this is one critical component of insurance that no-one ever thinks of, until it’s too late. Your vacant property faces an increased risk when it comes to potential damage. Even if it’s for just a few days or for several months, make sure to update your insurance policy and follow a few simple steps to protect your property. If you have a rental income property this applies to it too!

Insurance policies offer limited coverage for vacant properties – every policy is different but for most, after a property has been vacant for 30 days, the entire policy becomes void and there is no coverage for any damage, not even fire. Calling your insurance company and having a conversation can simply avoid all of this.
You may be thinking why does this matter? – our home is not vacant. Well, there’s a possibility it could become vacant all of a sudden. When a crisis hits in the life of a senior, things tend to happen very quickly, and it’s best to be prepared, especially for the things people often don’t think of. Perhaps one resident of the home has a bad accident or illness, and the end result is a move into long-term care or a retirement residence. The house will likely be sold, which requires a lot of preparation: packing personal possessions, getting the house ready for sale, actually getting it sold and then waiting for closing until the ownership changes hands. This could easily take 6 months or more. And all this time, the house is sitting vacant and probably uninsured. Speak to your current insurance provider to make sure that you will be able to obtain vacancy coverage when the need arrives and gather all details.

I’d be happy to provide advice on seeking out an insurance broker to provide you with sound information on how to best arm yourself with insurance!