Insurance when property is vacant?

[John Ma]

I wanted to hear if anyone else has had their property gone through long period of vacancy during the winter months.  I always assumed they change the status and charge a different rate or policy when its vacant.

Apparently my insurance company cancelled my policy when it was vacant for too long.  

I found out today when i was told by my prop manager that the AC unit was stolen and tried to file a claim.

[Joshua Pope]

Each company has there own guidelines, but most of them have different ways of dealing with vacant properties. Even if you do have insurance in effect on a property an insurance company doesn't have to pay if it has been vacant more the 60 consecutive days. Unless you put a vacancy clause on your policy for the time being (really expensive). The exception to this is a builders risk policy which is insuring a property during rehab, which will always be vacant until completed. BTW I'm an insurance agent in Texas by day, investor by night.