With the baby boom generation hitting it's stride with most in their mid 60's, many will begin entering assisted living facilities and nursing homes over the next 5 to 10 years. When the children decide dad is better off in assisted living, one thing they almost never consider is vacant home insurance while they decide what to do with the house.
In almost all cases, the home is not sold quickly and vacant homeowners insurance is needed. In addition, it's their parents house and most will not want to sell quickly due to sentimental value, or with the hope that one day they can return to their home.
What happens is the home sits empty or vacant for 3 to 6 months, and the existing homeowners insurance company is not informed the home is vacant. Most of these people will completely lose coverage without even knowing it.
Children taking care of homes f0r aging parents need to understand the vacant home insurance issue and how it affects them in order to avert a disaster.
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