Can you get homeowners insurance on a home that is not occupied & will be for sale in the next few months?
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.**
Categories: homeowners insurance Tags: American Standard, Amp, Best Bet, Cancellation, Closing Date, Foremost Insurance, homeowners insurance, insurance, Insurance Company, Lloyds Of London, money, Mother In Law, Property Policies, State Farm, Vacant Property, Website Www
Who is the insured on a homeowners insurance policy if the insured dies?
About a month before she died, my Aunt transferred her house into my name using a quit claim deed. We did not talk about her homeowners insurance. After she died, I could not find any information on who her agent was or who the company was. When the premium bill came, I promptly paid it. About a month later, the company sent a letter asking if anyone was living in the house. The house is vacant. I gave them details on me and a copy of the death certificate and the deed and explained the situation. I never heard from them again. The question is, typically, does coverage cease when the insured passes away? Or does it automatically transfer when the house changes ownership? The house is free and clear by the way.
Oh, bummer.
Well, to answer the first question . . . the executor of the estate is an insured, while the estate is being settled, along with the estate of the deceased. Vacancy does become an issue, so likely the company will be cancellling or nonrenewing the policy, but it DOESNT MATTER. More on that . . .
HOWEVER, homeowners policies aren’t transferrable, so HER policy is irrelevant, if she quit claim deeded the house to YOU. YOU need your OWN policy. Her policy doesn’t cover YOUR house. So right now, the house is uninsured. The policy doesn’t transfer – not automatically, not with effort. You have to buy your own policy.
For a vacant property policy, it’s EXPENSIVE. And the coverage isn’t very broad. Contact a local agent who sells Foremost Insurance – www.foremost.com – they have the BEST price for vacant properties.