Posted On: November 20, 2008, 1:21 pm CST

Posted By: vandy

There are different definitions for "vacancy" versus "unoccupied".

If a home is fully furnished, all services on and the insured is wintering in FL for a month it is unoccupied and will typically not be canceled.

If the same home has no furniture, not being maintained, no services then the home is "vacant" and a substantial change in risk for an insurance company. There are freezing pipes, vandalism / theft of pipes, fixtures etc that can and do occur.

There has been plenty of documentation on high foreclosure areas having vacant homes damaged through both intentional and unintentional acts. Does the mtg company foot the bill in this instance if the home is damaged. Nope. They collect for their insurable interest in the property and all of our rates go up accrordingly.