Is your parent's house standing empty because of a move to a facility or you are in the process of settling the estate? The homeowner's policy on this house may no longer be in effect, even though you may still be paying the premiums regularly.

Many, if not most, insurance companies will not insure a vacant house for longer than 60 to 90 days. Beyond that period of time, they can cancel the homeowner's policy. Many families don't know this, and they assume that so long as they are paying the premiums on time, the house is insured.

If your parent relocated or passed away and you are preparing to renovate or sell the house, you may want to pull out the current homeowner's policy and read the fine print. You may need to purchase "vacant house" insurance to cover the house while it is empty.

Insurance companies don't like vacant houses because they present a much higher risk than a house that is lived-in. If you live in the house you'll notice a broken pipe as soon as you come home. If no one lives there, an indoor flood might not be noticed for days. The amount of damage to floors and walls will be significantly higher.

Vacant houses are magnets for vandals and adolescents looking for places to hang out. Copper pipes and copper wiring can be stripped in a matter of hours. Broken windows let in both rain and critters seeking a warm, dry place to set up housekeeping. Insurance claims on these kinds of houses tend to soar, and the companies are well aware that they are losses just waiting to happen.

If your policy doesn't cover a vacant house, and your carrier doesn't have a policy to offer, you may have to find an independent insurance agent to purchase coverage. Unfortunately, it will probably be quite a bit more expensive than your previous policy.

Sometimes hiring a house sitter or offering the house to a friend or relative at a very low or no rent might be the most cost-effective solution, assuming the house is in liveable condition. You will likely still have to switch your current policy to a landlord-tenant policy. While a landlord-tenant policy will also probably be more expensive than your original homeowner's policy, it will also usually be less costly than vacant home insurance.

When a house is sitting vacant, be sure that someone checks it regularly. If you are too far away and the house is listed with a realtor, have the realtor either do this or suggest a service. If there is a willing neighbor, ask them to check inside weekly and pick up all the papers and other detritus from the lawn.

Think about installing an alarm system. Some vacant house policies will offer a discount for an alarm. The cost of an alarm may be much less than the cost of replacing the stove, dishwasher and light fixtures if they are stolen.

Make arrangements for the yard to be maintained so the house does not look vacant.

Turn off the water. If there is any danger of a freeze, drain the pipes and set the heat above 55 degrees.

Be sure that someone will shovel any snow and remove any ice so that no one slips and falls on the property.

If the house is in a high humidity area, be sure to have a dehumidifier running and take any other recommended steps to reduce the chance of mold and mildew growing on floors and walls.

With everything else you have going on, the last thing you want is for damage to occur to your parent's property, only to discover that it was not insured. Leaving a few pieces of furniture and some clothing in the closet does not make the house "lived in" so far as most insurance companies are concerned. If you do have a loss and they discover that the house was empty, you can be left holding a very expensive bag.