Mother-in-law just died. Her estate is a mess. She let her homeowners insurance expire (didn’t renew her policy) in 2004. The broker that previously insured the home is having trouble getting an insurance company to pick up the home because it will not be occupied by anyone and will be on the market in a few weeks. I am concerned that something might happen to the home between now and the closing date (which may be months away). Anyone know an outfit that will insure this home?
No, what you need is a "vacant property policy".
Your best bet is going to be with Foremost Insurance – www.foremost.com . . . several companies write vacant property policies, but only Foremost will give you a pro-rata cancellation if the house sells. The others won’t refund your money.
If your agent doesn’t represent Foremost, you can go to their website – www.foremost.com – and find an agent near you who does.
**reading the other answers – Laughing at State Farm writing this. Standard companies will NOT write a vacant property. State Farm won’t touch this. Other companies that would, would be American Standard, and Lloyds of London – but Foremost is cheaper.**
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Depending on the company, yes. But most companies who will accept that sort of risk will exclude vandalism damage or window breakage if the home is vacant for more than 30 days unless you pay an extra premium for that coverage.
It may also depend upon state regulations in your state. Try State Farm. I know that they will accept that sort of risk if they rest of the underwriting guidelines are met…in my state anyway.
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I’ll say what the agent who used to insure the house won’t tell you becuase he is being nice. No insurance company really wants to insure a vacant home. The risk and chance for theft and vandalism is very high. There are copper theives, homeless, and kids breaking into homes on a scale that is beyond belief. I am guessing that the house is in poor shape if an older person lived in it for the past 5 years or so and did little or no repair and up keep.
Since the home is not "owner occupied" it does not qualify for "standard" homeowners coverage. The policy you would get would be sub-standard like a DP type policy. If the financial is in a mess that is another strike against you becuase your credit rating is used in rating your policy.
Here are some options. First get the agent who insures your home and explain you will or might get this house and may even use it as vaction etc. You could insure it as a second home for you. I really suggest this since you might be staying there cleaning up, painting, cleaning out things, staying some nights just for security reasons until you find a renter or sale.
Second if you really want to find coverage try companies like Country Wide Home Loans insurnace company Balboa Insurance Company. You might also look at Assurant who insures properties like this.
You really need to take steps to put in lights on timers and drop by the home as often as you can.
References :
No, what you need is a "vacant property policy".
Your best bet is going to be with Foremost Insurance – http://www.foremost.com . . . several companies write vacant property policies, but only Foremost will give you a pro-rata cancellation if the house sells. The others won’t refund your money.
If your agent doesn’t represent Foremost, you can go to their website – http://www.foremost.com – and find an agent near you who does.
**reading the other answers – Laughing at State Farm writing this. Standard companies will NOT write a vacant property. State Farm won’t touch this. Other companies that would, would be American Standard, and Lloyds of London – but Foremost is cheaper.**
References :
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I’m going to coat-tail on what “Very Evolved” said… The way you connect to your audience is… Know who you are writing to. You need to pick a Target Audience and stick to them. You wouldn’t write to an audience of 14yr olds the same way you would write to an audience of 60yr olds.
Basically, three types of insurance are available to protect your business: property, liability and workers’ compensation. Workers’ compensation insurance is required by law in all 50 states. Although property and liability insurance are not always mandatory, it makes sense to protect all of your company assets with property and liability insurance.