When you own a property, it is usually best to ensure that you maintain some insurance coverage, but the type of policy that you need and the situations that you want to protect against can vary. Keeping the building without using it means that the risks and problems that you may need to address can differ from the situations that you may face when you live in the building.
Evaluate the Risks
The only way to identify the appropriate amount of coverage for your home is by determining the specific risks that may arise. When the building is not being used, it means that you will have different risks to address.
Consider the risk of losing the property before your evaluate any other concerns. It is possible for a building to burn down in a fire, be damaged in a flood or face similar problems. You may also want to consider break-ins, vandalism or other crimes against the building that may result in damage.
Purchase the Right Policy
After you know what to address, you can then purchase an insurance policy that is appropriate for the type of situations that may arise. Even though you may not need the same amount of protection as a house you are living in full-time, you do not want to face a total los if any problem occurs.
Purchase a policy that is appropriate for your needs, concerns and the problems that you have identified.
Living in or using a building is not a necessary part of buying a policy to protect your assets. Even if you are not currently using a building, it is still your responsibility to maintain the building. Contact us to talk to an agent for more details.