Housing Market Stalls Causing More Vacant Homes

The housing market in the Spring of 2010 made a "dead cat bounce" and homes not selling and sitting empty this summer means the need for vacant home insurance. Most people are overly optimistic regarding how quickly their home will sell. Everyone thinks their home is special and will out-compete the competition. Many of these people will move into a new house while the old one sits on the market. In 2010 this is extremely dangerous.

After the home sits empty for just 60 to 90 days homeowners may need to purchase vacant home insurance. Their existing homeowners insurance company will not offer a vacant homeowners insurance policy so they will have to switch carriers. Their existing homeowners insurance company will not continue to cover the empty home while the family moves into a new home as you cannot have two "primary residences." Vacant home insurance is also expensive, and will cost about 3 x to 4 x the previous cost of homeowners insurance.

Vacant Home Insurance Now (.com) has noticed many people having to continually re-up and renew their vacant home insurance and vacant dwelling insurance program because, to but it simply, homes are not selling well in the summer of 2010. The market is not an F, but no better than a C-.