Most property insurance companies require increased premiums for vacant properties. But what does that increased premium get you? Well, that depends on the policy language.
More than likely your policy will only cover damages to vacant properties which occur as a result of the “elements” and will specifically exclude losses that result from theft or vandalism. Don’t assume that the increased premium covers all losses sustained to vacant property. And you can’t always rely on agents to properly advise you of your coverage.
In North Carolina, an insurance agent has no responsibility to advise the insured about the type of coverage or the meaning and effect of all policy provisions unless specifically requested. Where specific coverage is requested, an agent only has a duty to procure that coverage. An agent’s responsibility to provide specific coverage may also be negated by the insured’s failure to read the policy.
Be sure to read your insurance policies carefully and seek advice from professionals if you are unclear about your coverage.