Expatriates that sell their home in the U.S. in order to relocate abroad for a corporate expatriate assignment may keep their homes if the expatriate assignment is going to be 3 years or less. If the expatriate assignment is expected to be more than 3 years, 90% of expatriates will sell their home. For those that keep their home, expatriate vacant home insurance is essential. Other essential insurance includes international medical insurance and international workers compensation insurance .
What is expatriate vacant home insurance? It is a special type of homeowners insurance that is designed to cover a house that is considered empty, vacant, or unoccupied. In the eyes of vacant homeowners insurance carriers, these words do not represent the same definition.
A rule of thumb that we have never seen broken, if you recognize the name of the homeowners insurance company (as a big name insurer) they do NOT have a vacant home insurance product they can offer customers. Only in the secondary or speciality market can expatriates find vacant home insurance policies that meet their needs.
Showing posts with label vacant home underwriting. Show all posts
Showing posts with label vacant home underwriting. Show all posts
Vacant Home Insurance for Expatriates
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Labels:
vacant home insurance U.K.,
vacant home owners,
vacant home owners insurance,
vacant home underwriting,
vacant homeowner's insurance,
vacant homeowners insurance
Underwriting Factors offering Vacant Home Insurance Discounts
When it comes to vacant home insurance, a good low cost solution does not exist in the United States. Vacant home insurance is 3 times to 5 times as expensive as regular homeowners insurance in most instances, and there is no way around this if you want a good policy.
Even "fire only" policies may be more expensive for vacant homeowners insurance than regular homeowners insurance and what are you getting, fire only!
There are certain factors that can get you the best rates possible for your vacant or empty home during the vacant home underwriting process. These are listed below
Even "fire only" policies may be more expensive for vacant homeowners insurance than regular homeowners insurance and what are you getting, fire only!
There are certain factors that can get you the best rates possible for your vacant or empty home during the vacant home underwriting process. These are listed below
- Will the vacant home be visited at least 4 times per month? Homes that don't get 4 visits are loaded or not rated at all. Visits mean inside inspections not grass cutting.
- How long as the home been uninsured or is the home currently insured.
- Is the vacant house within 1000 feet of a fire hydrant and within 5 miles of a fire station
- What is the type of construction on the empty home? Brick and mortar is better than wood frame and cedar shake.
- Is the home in a coastal community or a beach community.
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