Vacant Home Insurance for Expatriates

Expatriates that sell their home in the U.S. in order to relocate abroad for a corporate expatriate assignment may keep their homes if the expatriate assignment is going to be 3 years or less.  If the expatriate assignment is expected to be more than 3 years, 90% of expatriates will sell their home.  For those that keep their home, expatriate vacant home insurance is essential.  Other essential insurance includes international medical insurance and international workers compensation insurance .

What is expatriate vacant home insurance?  It is a special type of homeowners insurance that is designed to cover a house that is considered empty, vacant, or unoccupied.  In the eyes of vacant homeowners insurance carriers, these words do not represent the same definition.

A rule of thumb that we have never seen broken, if you recognize the name of the homeowners insurance company (as a big name insurer) they do NOT have a vacant home insurance product they can offer customers.  Only in the secondary or speciality market can expatriates find vacant home insurance policies that meet their needs.

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Vacant Condo Insurance Rules

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.

Vacant Home Insurance and Kidnap Insurance Two Most Overlooked Insurance Plans For Expatriates

A recent survey reveals that vacant home insurance and kidnap insurance are the two most overlooked insurance policies needed by many expatriates today.  At the top of the list on the minds of expatriates is international medical insurance, global dental insurance, and global property insurance.

Vacant home insurance is a special type of homeowners insurance coverage for expatriates that have an empty, vacant, or unoccupied house back in the United States (or any home country).  This situation always requires special coverage.

Kidnap insurance is a type of insurance that pays a ransom benefit and provides international consulting services in the unfortunate event an expatriate or family member is kidnapped in a host country.  Kidnap insurance may or may not be provided by the expatriate's employer.

Vacant homeowners insurance is not purchased by most expatriates because 90% do not understand this special policy is necessary.

Vacant Home Insurance Now offers Vacant Homeowners Insurance for London Flats and Homes

VHIN is fully licensed to offer top quality vacant homeowners insurance in both the United States and the United Kingdom. Whether the dwelling be a U.K. flat, house, or owned apartment in London or the countryside, Vacant Home Insurance Now has a good solution.

In the U.K. just as in the United States, a home that is unoccupied for over 90 days needs special homeowners insurance. If you are a U.K. national on expatriate assignment these vacant home insurance policies are invaluable. In addition, your mortgage company will require proper insurance as well.

Vacant home insurance for cabins

In the past month we have been asked several times to secure vacant home insurance for cabins. A cabin, in this instance, is defined as a remote house of any kind of construction, not just log construction, that has no access to public water and sewer. Also, in most cases, a cabin is in a remote location that is more than 5 miles from a volunteer fire company and more than 5 ,000 feet from a fire hydrant.

In all cases, cabins without access to electricity and running water, and / or using a propane or gas generater are not eligible for vacant home insurance. Cabins with electricting and running water from a well, will be looked at on a case by case basis.

Cabins with access to well water, septic sewer, and electricty and often hard to insure for vacant home insurance because it's quite common for them to be over 10 miles from a volunteer fire company and well over a mile away from a fire hydrant.

Property Management Services for Vacant Homeowners Insurance?

One of the most common questions we get from clients that purchase vacant home insurance is the following, "do I need to hire a professional property management service to take care of my vacant home in order to satisfy the terms of the vacant home insurance" (also called vacant homeowners insurance.)

The answer is no. However, the home does have to have regular "inside" visits, typically 4 a month or the vacant home insurance policy will become void. A professional does not need to perform the service.

A neighbor, friend, or relative can perform the service which includes inside visits as well as basic property management like mowing lawns and clearing walkways among other things. If a house is not maintained, the vacant home insurance policy can be void, or any claims will be denied if the claim adjuster says the house was not maintained properly.