Expatriates Don't See the Vacant Home Insurance Risk

After working with expatriates for over 15 years, we have released the results of what can be called an informal survey on vacant home insurance for expatriates living outside of the U.S. for 1 to 5 years. Here is what was found.

1. About 92% of expatriates believe they can remain with their existing homeowners insurance company while they are living overseas, even if the home is empty, and don't see the need for a vacant home insurance policy. (The facts: these 92% are exposed)


2. 60% believe, if they had a claim on a vacant home in the U.S. while they were on overseas work assignment, and there was an uncovered claim, their employer would pay for at least some of the claim. (The facts, this is a false assumption and employers can't pay personal claims).


3. About 60% do find out they need vacant home insurance at renewal time when they inform their homeowners insurance company they are abroad. (The facts: Most of these people realize they have been uncovered for many months and need a vacant homeowners insurance policy).


4. 80% believe if they, or a family member lives in the house for over a few weeks a year, or comes back to the U.S. from time to time, they don't have a problem with the existing insurance company (The facts: this is a false assumption)


5. 95% believe they can have a friend or "other relative" live in the house and they don't have to make changes to their homeowners insurance policy. (The facts: even if you have a cousin living in the house or house-sitting, you need to make a change to the existing insurance policy. A cousin is not in the nuclear family.


6. 98% of expatriates say their employer does not bring the vacant home insurance risk to their attention before the expat assignment.