Vacant Home Insurance Now is still able to provide coverage to Vacant condos, but it requires a special application and there are a few new rules.  First, the vacant condominium must be covered for one full year.  Six months of coverage on vacant condos is no longer available.

Also, the value of insurance coverage must be $100,000 or more, in terms of replacement cost.  Finally, the premium must be paid in advance for the year.  If one full year of coverage is not needed, the insurance company will issue a pro rata refund after the cancelation.

We are often asked how to value a condominium for insurance purposes.  Most owners of unoccupied condos are only responsible for "studs in" for insurance purposes.  So, for a fire for example, the condo association would be responsible for rebuilding the walls and roof and the insured, just about everything else.