Vacant or restoration property insurance
Steadily provides vacant property insurance and renovation coverage for landlords working on unoccupied properties – whether you're restoring a rental between tenants, renovating before listing, or even fixing up a property you plan to sell instead of rent.
What is a vacant or restoration property?
A vacant property is any home or building that's unoccupied for an extended period; typically 30 to 60 days or more, depending on your insurance policy. This includes rental properties between tenants, homes you've inherited but haven't decided what to do with yet, or investment properties you're preparing to list for sale. Standard homeowners insurance and even many landlord insurance policies exclude or severely limit coverage once a property sits empty, leaving you exposed to risks like vandalism, theft, and weather damage during the vacancy period.
A property under renovation falls into a similar category, especially if the work involves significant repairs or restoration that make the home temporarily uninhabitable. Whether you're updating a kitchen between tenants, restoring property damage from a previous incident, or doing a complete gut renovation before renting or selling, traditional insurance carriers often won't provide adequate coverage during construction. Vacant home insurance and renovation insurance fill this gap by protecting your investment while the property is unoccupied and undergoing improvements, covering perils that typical policies exclude and ensuring you're not left financially vulnerable during the transition period.
Protect your vacant or restoration property in minutes!
How vacant property insurance protects your investment
Vacant home insurance protects against risks that standard policies exclude once a property sits empty. This includes vandalism and theft, weather damage like frozen pipes, fire and smoke damage, and liability if someone is injured on your property. For properties under renovation, coverage extends to construction-related risks, protecting both the existing structure and improvements you're making. These are usually smaller-scale renovations; larger, ground-up projects may require builder's risk insurance.
Traditional rental property policies typically reduce coverage or deny claims after 30-60 days of vacancy, but specialized vacant and renovation coverage maintains protection throughout your project. Steadily covers light to moderate renovations on properties in transition, whether you're doing a fix and flip, restoring an inherited property, or updating a rental between tenants. Coverage includes property damage protection and liability with increased limits given construction activity, plus flexibility around whether you ultimately rent or sell after completing work.
We cover a wide range of risks, or you can choose a limited set of coverages for a lower premium
Riot & civil commotion
Protect your rental property from damage caused by riots or civil commotion. Steadily’s landlord insurance includes coverage for these rare but costly events.
Vandalism & burglary
Landlord insurance with vandalism and theft coverage protects your investment when criminal activity damages your property.
Loss of rent
Loss of rent coverage replaces your rental income during restoration, protecting your cash flow when tenants can't occupy the property.
Storm and hail
Storm and hail damage is one of the most common and costly issues landlords face. Proper insurance protection ensures your investment remains secure when severe weather events occur.
Water
Water damage is one of the most common and costly issues landlords face. Proper insurance protection ensures your investment remains secure when unexpected water events occur.
Legal liability
Proper legal liability insurance protection ensures your investment remains secure when unexpected claims and lawsuits occur.
Fire
Fire damage is one of the most costly and devastating events a property owner can face. Proper landlord insurance ensures you're protected when the unexpected happens.
What's the difference between fix and flip and fix and rent?
Fix and flip means you purchase a property, renovate it, then sell it for profit without ever renting it out. Fix and rent, which can be a part of the BRRRR method (Buy, Rehab, Rent, Refinance, Repeat) involves renovating a property with the intention of keeping it as a long-term rental to generate ongoing income. Both strategies require vacant property insurance during the renovation phase since traditional landlord insurance and homeowners policies won't adequately cover properties under construction or sitting empty. Steadily covers properties during light to moderate renovations regardless of whether you plan to flip the property for sale or rent it out afterward, giving you flexibility to pivot your strategy based on market conditions without worrying about coverage gaps.
How does vacant property insurance differ from builder's risk insurance?
Builders risk insurance covers major construction projects like ground-up builds, complete renovations, or significant structural work with multiple contractors. Vacant property insurance is designed for properties sitting empty or undergoing light to moderate renovations, like updating a rental between tenants or restoring an inherited property before sale. If you're doing substantial construction, builder's risk is the right fit. For vacant properties or lighter renovation work, vacant property insurance provides the coverage you need. Steadily can help you get a quote for either type of coverage depending on your project scope.
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Landlord's guide to dealing with vacancies
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We cover a wide range of risks, or you can choose a limited set of coverages for a lower premium
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