Obamacare may require U.S. citizens living abroad to purchase U.S. qualified health insurance

At Vacant Home Insurance Now, of course we specialize in vacant homeowners insurance but since we deal with many Americans living abroad that need to insure their unoccupied house in the United States, this may be relevant to all of our overseas clients.

As it stands now, it looks like the new healthcare insurance legislation would require Americans that live overseas to buy qualified health insurance, even if they don't need it. This is what we are hearing and I am sure the bill could be changed over time but this is something people living abroad need to be aware of.

Many Americans living overseas have taken out local insurance policies in the country where they reside and some even participate in the National Health Insurance System of their host country. Many do not want to be forced to buy U.S. qualified healthcare.

More to follow as Vacant Home Insurance Now follows this situation for our customers.

A Louisiana bill would ban insurance cancellations due to the Chinese Drywall problem

Last year, Vacant Home Insurance Now reported on a problem homeowners were having with "bad" and corrosive drywall used after Hurricane Katrina. In summary, insurance companies did not want to touch any homes not just vacant houses, with this problem and homeowners were left out in the cold and had to spend thousands to replace the drywall before they could again seek insurance.

A prohibition against insurance companies dropping coverage for dwellings that contain corrosive, Chinese drywall moved forward Wednesday in the Louisiana Senate. Again, this pertains to any form of homeowners insurance not just vacant homeowners insurance in Louisiana.

The bill would stop property insurers from canceling, refusing to renew, or increasing premiums or deductibles because of Chinese drywall at a property. People who rebuilt their homes after Hurricane Katrina claim the imported drywall emits sulfur, methane and other chemical compounds that have ruined homes and appliances and harmed residents' health. The contaminated wallboard is costly to replace.

The bill only deals with drywall that was imported from or manufactured in China before Dec. 31, 2009. Anyone found in violation would face a penalty up to half the insured value of the home or property, plus all court costs and attorney fees. It is still unclear if insurance companies that quote vacant home insurance can still use "Chinese Drywall, as a reason to not quote vacant homeowners insurance.

Gulf and Atlantic Coast Rated Higher for Vacant Home Insurance

The rates for vacant homeowners insurance have been relatively stable for years but the cost to insure an empty or vacant house in Georgia, Florida, South Carolina, North Carolina, and Virginia is now about 15% higher than providing vacant home insurance in Ohio, Arkansas, or Oklahoma for example.

It appears the "hurricane underwriting" that hit those regions several years ago has now affected the vacant homeowners insurance market as well.

When insuring an empty home with vacant home insurance, other States where the cost is above average (and this can depend on the insurer) is lead by California and can include Maine, Oregon and Washington State.

Insurance agents are advised to let clients know that if they are in these States, they may be paying more for vacant home insurance. This is somewhat of a problem because vacant homeowners insurance and vacant building insurance is at least 3 times as expensive a regular home insurance anyway.