Lloyd's of London for Vacant Home Insurance and Vacant Building Insurance

Getting a Lloyd's of London quote for vacant home insurance. The fact is, most Americans think that Lloyd's of London is an insurance company. This is untrue. Lloyd's of London is an insurance market made up of over 60 "syndicates." For our purposes, these syndicates can be thought of as it's own insurance company each taking all or part of various risks presented to the market.

Lloyd's of London syndicates do provide vacant home insurance and vacant building insurance in the United States. Local P&C agents have to access a surplus lines wholesaler in order to get vacant home insurance quotes from the Lloyd's market.

Vacant building insurance is also a specialty of several syndicates in the Lloyd's market. The most common vacant building insurance is carried on old or abandoned wherehouses where the liabiliy component of the vacant building insurance is more essential than the property or dwelling protection.

Finally, if you get two Lloyd's quotes on vacant building insurance, do not assume they are the same thing, just because they both came from Lloyd's of London. Chances are they are completley different vacant building insurance quotes.

Vacant Homeowners Insurace Refund

Hi, one of the big things you want to look at when you go out and purchase a special vacant home insurance policy or vacant dwelling policy, is to make sure you understand the refund provision. For example, if you have moved out of your home and buy coverage for 90 days, and then unexpectedly, the home sells in 20 days, how much will the carrier refund back to you? This can vary among carriers.

One carrier advertises you only need to buy 1 day of coverage, but all will have minimum premium amounts that cannot be refunded.

Most companies do a nice job returning "unearned premium" but this is a provision you should understand before you do business with a specialty insurance company that provides insurance for vacant homes and vacant buildings.

Mark