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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.

Those moving overseas should consider a vacant home insurance policy

Many Americans and Canadians that take jobs overseas, and the overseas assignment will not last longer than 3 years, most likely will not sell their home meaning they may need vacant homeowners insurance. The first instinct will be to try to rent the home. Many traditional insurance companies that provide landlord policies to those that rent their home will not extend this coverage to anyone that will not be living in the country. Quotes for vacant home insurance or a landlord policy will be limited if you are leaving the country.

XN Financial has a vacant home insurance policy that can be offered to those living abroad that keep a home empty or vacant in the U.S. or Canada. However, if the home is going to be rented and the person about to live abroad is having difficulty finding an insurance company to provide a typical landlord policy, a vacant home insurance policy (or vacant homeowners insurance program) can be offered with a discount for these individuals. A vacant home insurance policy therefor works in both situations.

Heat Wave Planning for Clients with Vacant Home Insurance

Clients that have vacant home insurance policies generally do a good job maintaining a house for the 6 month to one year period it is empty or unoccupied. This means they generally have a property manager, have someone visit the home, or trust a reliable college student down the street to make sure the snow is shoveled and the bushes are trimmed.

However, one big mistake people make, and this can lead to damage in high heat, is to have a vacant home sealed up very tight with little to no air flow. If there is any source of moisture in these situations the home can become a breeding ground for mold and mildew. These mold and mildew claims are not covered by vacant home insurance or for that matter most homeowners insurance policies in most States.

Whenever possible a dehumidifier should be running in the basement at all times. The only way this is possible is for the dehumidifier to empty into a drain or if someone is entering the home at least once every 48 hours to empty the unit.

If this is not possible the house should not be sealed up ultra tight. The good news is, even if all windows are shut most (especially older) homes have at least some air flow on all levels of the house.

When Property Management is Recommended

Vacant home insurance now recommends hiring a professional property management firm to take care of a house that is not occupied or considered "vacant" by the insurance company in two situations:

1. The person owning the vacant home is not living in the State and the house is expected to be vacant or empty for over six months or longer.
2. The home is expected to be vacant or empty for over one year, no matter where the owner is.

Of course, an American living overseas on a company job assignment would qualify for both above and almost always should have hired a professional property manager to take care of a vacant home.

Vacant home insurance policies do not require that people hire a professional property management service. If the person owning the home has a relative or close friend that is very reliable that can come over and visit or service the property 4 or more times a month the terms of the vacant homeowners insurance policy can be satisfied. However, if the person you are trusting to take care of the empty or unoccupied home is not perfectly reliable and the upkeep on the property begins to go down hill, there is a risk the vacant home insurance policy could deny claims based on what is called "neglect"a common exclusion in a vacant home insurance policy.

XN Financial Vacant Home Insurance Policy, a Perfect Hybrid

One of the unique features of the vacant home insurance product offered by XN Financial Service, Inc is their vacant home insurance product is a true hybrid. What does that mean for the purchasers of vacant homeowners insurance and more importantly for people living out of State or even abroad?

If a home is empty of vacant, the ONLY way to cover it is through a vacant home insurance policy. If a home is going to be rented, a homeowner would need to put in place a landlord tenant policy. In the past, homeowners had to flip policies back and forth as they got a renter, lost a renter, and so forth. A real hassle, especially for someone living overseas.

If someone purchases our vacant home insurance policy and then they get a renter in the house, there is very little they need to do. The policy can remain in force. On the other hand, if the house is being rented and the renter leaves, there is no need to cancel the policy and find a new policy which is very labor intensive. The insured can stay with this policy. They would simply have to inform us that the house is now empty. The main advantage; the policy would not have to be re-written.

Vacant Home Insurance Questions in Light of Japan Earthquake and Nuclear Problems

One of the markets we serve for vacant home insurance is Americans living and working around the world. In light of the current situation in Japan we have been asked to clarify a few points relating to coverage for vacant homeowners insurance. Although we feel our insurance for vacant homes is the absolute strongest on the market, these two perils are not covered as standard, nor are they covered as standard by any policy in the entire market that we know about.

The peril of Earthquake is not covered as standard. This is true with this vacant homeowners insurance policy and all homeowners insurance policies in the United States. In some instances, we and other insurers can cover "earthquake" as a special rider or endorsement but it is not covered as standard.

The peril of nuclear hazard is not covered. Again, this is standard across the industry.

This applies to all vacant homeowners insurance policies issued and vacant condo insurance policies. Please call us if there are any additional questions.

Vacant Home Insurance Now (.com) Featured in the Philadelphia Inquirer Newspaper

Here is a clip from the article on vacant home insurance, March 11, 2011: In the 4th quarter of 2010, 12 percent of all US residences, or 18,394,000, were vacant. Record foreclosures are a big reason for this: After repossessing houses at sheriff's sales, many lenders leave them empty for months.

But even properties that aren't distressed may take a long time to sell after the owners move on. In the Philadelphia region in January, time on the market averaged 103 days, according to a Prudential Market Report.

All of which makes a difference in the kind of insurance coverage such unattended or vacant houses require - coverage that isn't offered in the standard homeowners' policy.

Vacant Home Insurance Now, which offers policies in several states, says up to 80 percent of homeowners do not know that "the provisions of their existing homeowners' insurance policy . . . would essentially end coverage, exposing them to catastrophic loss."

Vacant homeowners insurance is even more important in 2011 and 2012 as foreclosures are expected to increase.

Some Homeowners Insurers Offer Vacant Homeowners Insurance but at Ridiculous Prices

It is true, when it comes to vacant home insurance there are not a lot of choices in the marketplace of most States. We have recently heard that, in order to increase profits, some homeowners insurers will offer up to a year of coverage for vacant home insurance but at ridiculous prices, making clients feel they have no other choice.

The cost of vacant home insurance is high to begin with because of increased risk and fewer market choices, but the cost some companies are "offering" to clients to keep the home insured after it becomes empty or vacant is astronomical. What's more, we have seen the level of coverage drop from an all risk policy to what is called a dwelling policy for vacant homes, a limited policy form.

Even if the company agrees to keep the home insured at a more reasonable cost, make sure you get a completely new policy document that proves you have coverage on the empty or unoccupied home. We advise you strongly, do not simply take the agents word for it. Normal homeowners insurance policies are not set up to provide vacant home insurance and many exclude even short term vacancy.

In almost all cases where the home goes empty, seek out an insurance policy that is designed to meet your exact needs not a square policy someone is trying to use for a round hole to make a little more quarterly profit.

Vacant Home Insurance Now Does Not Provide Coverage In Egypt

In light of the current crisis we have received calls asking if Vacant Home Insurance Now and the insurance company behind it that specializes in providing vacant homeowners insurance, can provide vacant home insurance in Egypt. Unfortunately, the answer is no.

We can provide coverage for a vacant or empty home internationally in several countries, Egypt is not one of them.

Many foreigners and U.S. citizens have left Egypt for an indefinite period of time until the situation becomes more stable thus hundreds or even thousands of condos, townhomes, and homes could be empty or vacant and need special coverage.

At this time, vacant home insurance coverage is available in 7 countries including the United States.

Note to Policyholders who are Expatriates living in Egypt

Vacant Home Insurance Now has programs specifically created for expatriates that are living outside their home country and that maintain a vacant or unoccupied house in the home country. In most cases, vacant home insurance is needed while an individual is working on international assignment if the home will be unoccupied for over 90 days.

We would like all clients to know that if vacant homeowners insurance is in place, and due to political unrest like we are seeing in Egypt, a policyholder is forced to return and live in the insured house there is no change in the insurance and vacant home insurance (full coverage) will continue uninterrupted.

In other words, due to these and other situations, coming back to live in the house thus making it occupied again, does not void the policy if the house will again be vacant in the future.

If you plan to live in the home permanently and not return to your country of assignment, we ask that you contact us when you can to discuss.

Thank you.

Note to the Public, A Boarded Home Does Not Qualify for Vacant Homeowners Insurance

We have received a lot of calls about homes that are either abandoned, boarded up, in disrepair, or all three. We have to note again to the public that our underwriters will not consider a home in this condition for vacant home insurance.

Homes that receive quotes for vacant home insurance need to be in good or better condition, livable in every way, and not in need of any major repair or be under any current construction.

Homes that do not qualify for vacant home insurance for these reasons should investigate their State's "fair plan" insurance solutions that have much lower qualifications. The "fair plan" insurance solutions vary by State and the standards on what they are willing to accept will also vary if vacant homeowners insurance is requested for houses that are no longer occupied.

Vacant Home Insurance Renewal Policies

As a notice to existing customers, if you have a vacant home insurance policy in effect at this time, you can renew vacant homeowners coverage by working with XN Financial directly at www.xn.com or 514-908-1835.

XN Financial Services, Inc. of Montreal and Boca Raton Florida can work with insureds directly at the end of their term of insurance for vacant home insurance or vacant condo insurance to offer another insurance term of 90 days, six months, or one year.

Renewal rates for most customers have not increased more than 5% in the last two years. Some clients have not had rates increased at all. Most clients that wish a new renewal period for any vacant home insurance policy simply need to call XN Financial. In most cases, the entire renewal can be done over the phone with no new paperwork.