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Your vacant home may feel like one less thing to take care of, but leaving a property unoccupied can lead to significant risks and potential liabilities.
Most typical homeowner policies won’t provide full coverage for the property once it’s been vacated. Vacant home insurance is a specialized type of insurance policy designed to protect properties that are unoccupied. This type of policy typically covers:
- Vandalism and Theft: Unoccupied homes are prime targets for vandals and thieves. Without regular supervision, these properties can quickly become targets for criminal activities.
- Fire and Water Damage: Vacant homes are at higher risk of unnoticed fire and water damage. A small leak or electrical issue can escalate into a significant problem if not addressed promptly.
- Liability Issues: If someone is injured on a vacant property, the owner can be held liable. This includes injuries sustained by trespassers or those seeking shelter.
The Homeless Crisis and Its Impact on Vacant Homes
Homelessness is a growing issue in many urban areas, including Phoenix and Scottsdale.
In Phoenix alone, the homeless population increased by more than 100 fold from 2020 to 2023, with over 9,000 people experiencing homelessness on any given night.
These individuals often seek refuge in vacant properties, which poses several risks:
- Property Damage: Homeless individuals may unintentionally cause damage while trying to stay warm or cook food inside the property. This can lead to fires or structural damage.
- Safety Hazards: The presence of unauthorized occupants increases the risk of accidents and injuries. This can lead to costly legal battles if someone is injured on your property.
- Health and Sanitation Issues: Unoccupied homes can become unsanitary quickly if used as makeshift shelters. This can lead to biohazards that are expensive to clean and pose health risks.
As homelessness continues to be a pressing issue, property owners must take proactive steps to protect their vacant homes. Given the rising homeless statistics and other tangible risks involved, having vacant home insurance can protect you financially.
Investing in this specialized insurance is a wise decision for any property owner.
