Expatriates That Need Vacant Home Insurance May Also Need the Following

We are contacted by hundreds of expatriates a month, leaving their home country to take an international assignment for their employer. Those that call about vacant home insurance may also need the following personal insurance that is not typically provided by the employer unlike international medical insurance and international workers compensation insurance and other things that are provided by the employer.

First on the list is international property insurance. Personal effects and possessions taken into the host country are not covered by an employer's commercial policy. Furniture, clothing, ipod, and even the kid's toys needs to be protected globally and in the host country from fire, theft, vandalism, smoke, flood, etc. If a fire comes and your are out $100,000 don't expect the employer to step into the rescue. There are both legal and tax reasons why they cannot.

International personal liability needs to be purchased by the expatriate before the international assignment as well. This is basically "net worth protection" for the family as they live outside the home country. Although the incidence of lawsuit outside of the U.S. is lower than it is in the U.S., this coverage is still essential. One can cause damages for a variety of reasons that are not related to the work assignment. If not directly related to "work" the employer would not be able to step in and cover these personal lawsuits or damage awards. Good policies here also cover the legal fees in the host country and provide "trip" coverage back in the U.S.

Home country plans or vacant homeowners insurance in the U.S. only covers the dwelling. These policies would not cover the personal insurance needs of expatriates living abroad and separate arrangements need to be made past vacant home insurance.

Vacant Home Insurance Winter Checklist

As a final reminder to clients for the winter season, please make sure you are aware of all of the following regarding your vacant homeowners insurance or vacant condo insurance for the winter season.

1. Make sure the heat is on and set to at least 60 degrees or warmer.
2. Make sure the home is visited inside, at least once a week. Although the heat in the vacant condo or house could be on, boilers may not fire and heaters can break. Pipes can freeze in as little as 48 hours.
3. Make sure the water (at the main valve) is shut off. A water leak where the water could have easily been turned off, and where the underwriters have not approved that the water could remain on in the vacant home, can become a denied vacant homeowner's insurance claim.
4. Make sure snow and ice is cleared. You can be sued if someone is hurt and you did not keep up on the house with basic care and maintenance like snow removal.
5. Make sure pools and hot tubs are fenced and covered.
6. In lieu of keeping the heat on, the water pipes should be professionally drained of all water.

This is our winter 2010 - 2011 checklist for vacant home insurance and vacant condo insurance.

Largest Winter Claim for Vacant Homeowners Insurance

Now that we are quickly into the winter months, we would like to remind Vacant Home Insurance Now clients that the number 1 claim in the winter for many States is frozen pipes for vacant or empty homes.

All clients with vacant home insurance are not only expected to visit the property (or have someone visit) 4 times a month or more, but either the heat must be left on or the pipes need to be totally removed of water so they do not freeze.

If heaters in the home are left on they need to be checked. Oil burners can find dead spots and not "light" leaving the temperature in the home to drop. In some States, a home without heat can have frozen and burst pipes in under 48 hours. Those with vacant home insurance would only have coverage for this claim if they took the proper care and could demonstrate they had left the heat at 58 or above, and had someone or a property management service regular check the property to keep the vacant homeowners insurance valid.

Neglect is a reason to deny a claim and frozen pipes can easily cause over $25,000 in damage.

Of course, those with vacant home insurance should have the main water supply off whether the pipes are drained of water or not, and this helps control damage if pipes freeze.

When renewing vacant home insurance or vacant condo insurance, make sure you inform the mortgage company!

Clients than have purchased vacant home insurance should not wait until the "last minute" to renew the vacant homeowners insurance policy. The reasons have to do with the demands of the mortgage company.

In most cases, vacant home insurance can be renewed just a few days before the lapse date or termination date but we don't recommend this. Although there may be no lapse in coverage it can take a week or two for the client to receive the documentation paperwork like the declarations page for vacant home insurance.

If the client has a mortgage, it is up to the client to always be able to demonstrate to the mortgage company that good insurance exists on the property, vacant homeowners insurance or otherwise. It's within the right of the mortgage company to secure forced placement insurance coverage if they believe the client has been delinquent in their duty to always protect the house with good insurance coverage.

Vacant Home Insurance Renewals

Clients that purchase vacant homeowners insurance through XN Financial Services, Inc. using a Lloyd's of London policy are reminded that it is the responsibility of the homeowner to contact XN Financial if they need a renewal. Although processes and procedures have been put in place where longer term clients are contacted via email about expiring vacant homeowners insurance policies and what needs to be done to obtain a renewal, vacant home insurance is typically used on a "one time special circumstance" situation and is not regular homeowners insurance where a renewal is expected year after year.

Because clients that purchase 6 month, or one year policies most often DO NOT renew, it is the responsibility of the policyholder to reach out to XN Financial at www.xn.com, service@xn.com and by calling 514-908-1835 if they need a renewal.

Most policies that are allowed to expire cannot be backdated and no coverage for vacant home insurance will exist after the expiration date on the declarations page. Claims will not be honored on any vacant house after the expiration date. XN Financial is not responsible if there are claims on homes after the expiration date.

Vacant Home Insurance Policies to be Written and Serviced by XN Financial

Effective immediately, all new vacant home insurance policies written for those that make inquiries for vacant homeowners insurance through this website (www.vacanthomeinsurancenow.com) will be quoted and serviced by XN Financial Services, Inc. (Montreal-Canada and Boca Raton, FL)

Vacant Home Insurance Now is a website that educates homeowners on the special insurance needs of homes that are empty, vacant, or unoccupied. Those requesting a quote for vacant homeowners insurance can leave information through a contact form about the house needing special insurance, and they will later be contacted by someone able to provide additional information.

The website vacanthomeinsurancenow.com used to use locally licensed agents to quote and place vacant home insurance and these duties have now been taken over by XN Financial Services, Inc.

Notice to Expatriates Regarding Vacant Home Insurance Offered From Relocation Companies

Expatriates taking an overseas assignment often decide to keep their home in the United States, particularly if the international assignment will be under two years in length. For many, this will lead to a vacant home insurance problem and the proper vacant homeowners insurance will be needed.

Expatriates that leave their home to work abroad, that intend to have a renter or a house sitter, need to understand they still need to switch their insurance over to a landlord tenant insurance policy especially if a non-family member will be renting or just "watching" the house as a live-in.

Expatriates taking an assignment for larger companies may be asked to work with a property management company for vacant homeowners insurance. These companies may offer their own vacant home insurance solutions. Expatriates are advised to make sure these vacant homeowners insurance solutions are all-risk and true replacement cost policies.

In addition, the relocation company may ask that the insured name the property management company on the declarations page of the vacant home insurance policy. This is a practice that is getting more common but it's unnecessary. They feel being named on the policy will help protect the relocation company and many insurers will accommodate this but there is no reason why this has to be if you, as the insured, is not comfortable with it. Relocation companies may also pressure expatriates to buy their own insurance solution or to buy extra liability insurance. Again, most of this is to benefit the relocation company and not the expatriate. If you purchase quality vacant home insurance, there is no reason they should not be able to provide full property management services and they do not need to be named on the insurance policy.