Vacant Homeowners Insurance Renewal Process

Vacant Home Insurance Now (.com) would like to remind clients that the responsibility to renew a policy is the responsibility of the insured and/or the owner of the vacant home insurance policy. Although for longer term policies we will make every attempt to contact the policyholder about the renewal, email addresses can change as can phone numbers. We do not mail a "hard copy renewal" letter.

Vacant home insurance is a "special needs" policy written for a limited term of insurance like 90 days, six months or one year. Most policyholders end up selling the home, or it is no longer empty and don't even need a renewal. It is for this reason, if a renewal is requested it is the responsibility of the insured to contact us at least 4 days before the termination date of the vacant home insurance policy.

If the policy is allowed to lapse, it is not the responsibility of the owners of this website, nor the Lloyd's of London coverholder. Please call us if you have any questions.

USA Today from Census Reports there could be 14,000,000 vacant homes in the U.S.

Of the 14,000,000 possible vacant homes in the U.S. reported by the USA Today via the recent census, how many need vacant home insurance (also called vacant homeowners insurance)? Well, certainly not all of them, but we estimate the number to be in the millions.

Why wouldn't a house in this situation need it's own vacant home insurance?

1. The home is abandoned
2. The house is boarded up or burnt out
3. The house in under construction and under a builders risk insurance policy.
4. The house is owned by a bank or mortgage company and under a master group vacant homeowners insurance policy or the bank self insures the vacant dwelling risk.
5. The house is owned by a corporation, perhaps being bought out by a corporate relocating employee because it did not sell in time. Many of these homes are not under a vacant home insurance group policy because the corporation may actually self insure the risk.

Other than this, the millions left over, need vacant home insurance or the house in not protected properly. How many are protected properly... we can only guess. We suspect only about 25% are protected in the right way which is a scary statistic meaning there could be over 1,000,000 uninsured or improperly insured right now.

Buyer Beware Most Vacant Home Insurance Policies are Limited Named Perils Coverage

A homeowner has a house that becomes empty or unoccupied (and they are one of the few that understand they need vacant home insurance!) They shop the market and take the lowest bidder because they figure this will be a short-term situation and don't want to pay for the best.

What most buyers don't realize about vacant homeowners insurance is that most policies available in most States are not "all-risk insurance" but only offer what is called a limited named perils policy or a dwelling policy (DP1 or DP3). Most people do not read their insurance policy document before they buy. Most will assume the level of coverage offered by the vacant home insurance policy is the same as what they had when they were living in the house. With most policies on the market, this is not the case.

Most policies offered by the large reputable companies when you are living in the home and the house is occupied, are true all-risk policies. When people move to a vacant home insurance policy they may only have coverage for fire, smoke, hail, lightning, and just a few more perils. (far from all risk insurance and few will realize the drop in coverage)

Vacant Home Insurance Now (.com) offers the highest quality of coverage called all-risk and replacement cost, two essential features in quality insurance.