With today's horrible jobs and employment numbers, it means the economic recovery is at best stalled, and at worst, the U.S. could "double dip" back into recession. Houses on the market are not selling, and many are sitting empty. Vacant homeowners insurance is a necessity for any house that is on the market sitting empty or unoccupied for over 3 months (this is true in most States.)
The big homeowners insurance companies do not sell vacant home insurance in most U.S. States. Those selling a home, and the home is currently not occupied by the owner or at least, a tenant, need to find vacant homeonwers insurance in the marketplace.
In most States, there may only be 3 or 4 insurance companies that even offer vacant homeowners insurance, and where the product is offered, the coverage is often very limited and not an HO3 "all risk" insurance equivalent.
If you can secure an "all risk" vacant home insurance product, expect the premium to be about 4 x as much as the premium you were paying when living in the home.
Showing posts with label all risk coverage. Show all posts
Showing posts with label all risk coverage. Show all posts
Vacant Home Insurance Quotes | Make Sure you Know the Named Perils
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Labels:
all risk coverage,
insurance quote,
named perils,
vacant home insurance,
vacant homeowners insurance
Most vacant home policies available in most States are not the same level of insurance coverage that the homeowner had while living in the house. Most people do not realize that the coverage can be drastically reduced with a Vacant Home Insurance policy. Don't assume anything and always have a complete understanding of what is covered.
Most insurers that write vacant homeowners insurance policies write what is called "Dwelling Policies." This means that they offer coverage for a list of 8 or 9 "perils" for example fire, windstorm, hail, explosion, etc. The problem is, if what caused the damage to the home is not on this list, there is no coverage at all.
This is the opposite of the type of homeowners insurance that most people have while living in the home which is mostly "all risk coverage" that covers everything but what is specifically excluded.
When you get a vacant home insurance quote, make sure you understand what perils it covers and make sure vandalism is on the list. Vandalism is normally not covered under most policies unless specifically written in for additional premium.
Most insurers that write vacant homeowners insurance policies write what is called "Dwelling Policies." This means that they offer coverage for a list of 8 or 9 "perils" for example fire, windstorm, hail, explosion, etc. The problem is, if what caused the damage to the home is not on this list, there is no coverage at all.
This is the opposite of the type of homeowners insurance that most people have while living in the home which is mostly "all risk coverage" that covers everything but what is specifically excluded.
When you get a vacant home insurance quote, make sure you understand what perils it covers and make sure vandalism is on the list. Vandalism is normally not covered under most policies unless specifically written in for additional premium.
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