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Are you insured if your home is unoccupied?

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UNOCCUPIED OR VACANT CONDO: ARE YOUR INSURANCE COVERAGES STILL VALID?

Did you know that if your condo becomes vacant, i.e. you’ve left the premises for good with no intention of returning? You must notify your home insurer immediately.

This step is essential to maintain your insurance coverage. In the event of a claim, if your insurer discovers that the residence was vacant without having been informed, it could refuse compensation.

WHY REPORT A VACANT CONDO TO YOUR INSURER?

An unoccupied building represents an increased risk for insurers: intrusion, vandalism, undetected water damage, fire not quickly brought under control, and so on. That’s why it’s mandatory to declare this situation to your home insurance broker or directly to the insurer.

WHAT ARE THE POSSIBLE CONSEQUENCES?

Once informed, your insurer can :

  • Reduce certain protectionssuch as vandalism
  • Increase your franchise
  • Reduce the amount of insurance
  • Impose specific specific conditions (regular visits, alarm systems, etc.)

By failing to declare a vacancy, you expose yourself to a refusal of compensation in the event of a claim, which could have major financial consequences.

IN SUMMARY

If your condo is empty, even temporarily, make it a habit to inform your insurer or broker as soon as possible. He’ll be able to advise you on :

  • The maximum length of vacancy allowed
  • Visit steps you can take to keep your protection
  • Visit impact on your home insurance premium

Better safe than sorry. Think about it!