Home Insurance Blog » vacant home insurance

Cheap Home Insurance :Buyer Beware Most Vacant Home Insurance Policies are Limited Named Perils Coverage

admin — Mon, 30 Aug 2010 07:58:46 +0000

A homeowner has a house that becomes empty or unoccupied (and they are one of the few that understand they need vacant home insurance!) They shop the market and take the lowest bidder because they figure this will be a short-term situation and don’t want to pay for the best.What

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A homeowner has a house that becomes empty or unoccupied (and they are one of the few that understand they need vacant home insurance!) They shop the market and take the lowest bidder because they figure this will be a short-term situation and don’t want to pay for the best.What most buyers don’t realize about vacant homeowners insurance is that most policies available in most States are not “all-risk insurance” but only offer what is called a limited named perils policy or a dwelling policy (DP1 or DP3). Most people do not read their insurance policy document before they buy. Most will assume the level of coverage offered by the vacant home insurance policy is the same as what they had when they were living in the house. With most policies on the market, this is not the case.Most policies offered by the large reputable companies when you are living in the home and the house is occupied, are true all-risk policies. When people move to a vacant home insurance policy they may only have coverage for fire, smoke, hail, lightning, and just a few more perils. (far from all risk insurance and few will realize the drop in coverage)Vacant Home Insurance Now (.com) offers the highest quality of coverage called all-risk and replacement cost, two essential features in quality insurance.

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Home Insurance Online :Mortgage Reporting for Vacant Home Insurance Policies

admin — Mon, 30 Aug 2010 07:58:46 +0000

Clients that buy a vacant homeowners insurance policy with Vacant Home Insurance Now, or any other provider, need to understand their responsibilities with their mortgage company or bank. Whenever there is a change of insurance, and especially a move from regular homeowners insurance

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Clients that buy a vacant homeowners insurance policy with Vacant Home Insurance Now, or any other provider, need to understand their responsibilities with their mortgage company or bank. Whenever there is a change of insurance, and especially a move from regular homeowners insurance to vacant home insurance policy, the mortgage company needs to be informed by contract.Clients should start by calling the insurance department of the mortgage company and simply informing a representative that vacant home insurance has been placed. Some may simply take the information over the phone, but most will require the insured to send in the new declarations page for vacant home insurance. There is no need to send the mortgage company the entire policy document, only the 2 or 3 page declarations page will be fine. Unfortunately, most will not allow you to email this document, but most will accept a fax in lieu of mailing the hard copy.Homeowners need to remember two important things:That whenever there is a change in insurance they need to inform their mortgage company.If the mortgage company feels, at any time for good reason, the vacant home is not property protected, they can take action to put insurance on themselves. This is called forced placement and this action is not desirable to insureds.Make sure the mortgagee always has up to date declarations on the vacant home insurance to avoid problems and expense.

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Best Home Insurance :USA Today from Census Reports there could be 14,000,000 vacant homes in the U.S.

admin — Mon, 30 Aug 2010 07:58:45 +0000

Of the 14,000,000 possible vacant homes in the U.S. reported by the USA Today via the recent census, how many need vacant home insurance (also called vacant homeowners insurance)? Well, certainly not all of them, but we estimate the number to be in the millions.Why wouldn’t a house

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Of the 14,000,000 possible vacant homes in the U.S. reported by the USA Today via the recent census, how many need vacant home insurance (also called vacant homeowners insurance)? Well, certainly not all of them, but we estimate the number to be in the millions.Why wouldn’t a house in this situation need it’s own vacant home insurance? The home is abandonedThe house is boarded up or burnt outThe house in under construction and under a builders risk insurance policy.The house is owned by a bank or mortgage company and under a master group vacant homeowners insurance policy or the bank self insures the vacant dwelling risk.The house is owned by a corporation, perhaps being bought out by a corporate relocating employee because it did not sell in time. Many of these homes are not under a vacant home insurance group policy because the corporation may actually self insure the risk.Other than this, the millions left over, need vacant home insurance or the house in not protected properly. How many are protected properly… we can only guess. We suspect only about 25% are protected in the right way which is a scary statistic meaning there could be over 1,000,000 uninsured or improperly insured right now.

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Home Insurance :Vacant Homeowners Insurance Renewal Process

admin — Mon, 30 Aug 2010 07:58:44 +0000

Vacant Home Insurance Now (.com) would like to remind clients that the responsibility to renew a policy is the responsibility of the insured and/or the owner of the vacant home insurance policy. Although for longer term policies we will make every attempt to contact the policyholder

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Vacant Home Insurance Now (.com) would like to remind clients that the responsibility to renew a policy is the responsibility of the insured and/or the owner of the vacant home insurance policy. Although for longer term policies we will make every attempt to contact the policyholder about the renewal, email addresses can change as can phone numbers. We do not mail a “hard copy renewal” letter.Vacant home insurance is a “special needs” policy written for a limited term of insurance like 90 days, six months or one year. Most policyholders end up selling the home, or it is no longer empty and don’t even need a renewal. It is for this reason, if a renewal is requested it is the responsibility of the insured to contact us at least 4 days before the termination date of the vacant home insurance policy.If the policy is allowed to lapse, it is not the responsibility of the owners of this website, nor the Lloyd’s of London coverholder. Please call us if you have any questions.

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Cheap Home Insurance :When a Vacant Home Becomes Rented, is vacant home insurance still needed?

admin — Sat, 24 Jul 2010 03:56:09 +0000

Many clients of Vacant Home Insurance now are looking to rent their home, but can’t find a renter. A home should not sit unoccupied for more than 60 days in most cases, and if a renter cannot be found for a home, vacant homeowners insurance is almost always necessary.But what if

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Many clients of Vacant Home Insurance now are looking to rent their home, but can’t find a renter. A home should not sit unoccupied for more than 60 days in most cases, and if a renter cannot be found for a home, vacant homeowners insurance is almost always necessary.But what if vacant homeowners insurance is put in place, and then a renter is found. Here is our policy. If a client buys, say for example, a six month vacant home insurance policy, the owner of the policy can put a renter into the home at any time. This in no way violates the policy and is an advantage of VHIN policies. With other insurers, some clients could be forced to cancel the vacant home insurance policy and set up a new landlord policy which is administrative aggravation.At renewal time, VHIN’s insurance company and underwriters are able to continue the insurance but apply a discount because the home is now occupied, which means less risk. To insureds, it’s a seamless transition with a discount. Our process could not be any easier and is does NOT require a cancellation of the vacant home insurance policy to be replaced with another.

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Home Insurance :Housing Market Stalls Causing More Vacant Homes

admin — Sat, 24 Jul 2010 03:56:09 +0000

The housing market in the Spring of 2010 made a “dead cat bounce” and homes not selling and sitting empty this summer means the need for vacant home insurance. Most people are overly optimistic regarding how quickly their home will sell. Everyone thinks their home is special and

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The housing market in the Spring of 2010 made a “dead cat bounce” and homes not selling and sitting empty this summer means the need for vacant home insurance. Most people are overly optimistic regarding how quickly their home will sell. Everyone thinks their home is special and will out-compete the competition. Many of these people will move into a new house while the old one sits on the market. In 2010 this is extremely dangerous.After the home sits empty for just 60 to 90 days homeowners may need to purchase vacant home insurance. Their existing homeowners insurance company will not offer a vacant homeowners insurance policy so they will have to switch carriers. Their existing homeowners insurance company will not continue to cover the empty home while the family moves into a new home as you cannot have two “primary residences.” Vacant home insurance is also expensive, and will cost about 3 x to 4 x the previous cost of homeowners insurance.Vacant Home Insurance Now (.com) has noticed many people having to continually re-up and renew their vacant home insurance and vacant dwelling insurance program because, to but it simply, homes are not selling well in the summer of 2010. The market is not an F, but no better than a C-.

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Home Insurance :Approximately 15% of International Property Insurance Group Clients Have an Unprotected Vacant Home

admin — Sat, 24 Jul 2010 03:56:08 +0000

International Property Insurance Group provides international property insurance to expatriates that reside globally. Vacant Home Insurance Now (.com) works closely with IPI Group to meet the vacant home insurance needs of expatriates residing abroad that keep an empty or unoccupied

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International Property Insurance Group provides international property insurance to expatriates that reside globally. Vacant Home Insurance Now (.com) works closely with IPI Group to meet the vacant home insurance needs of expatriates residing abroad that keep an empty or unoccupied house in their home country that need vacant homeowners insurance.IPI Group is beginning to ask U.S. expatriates about vacant home insurance needs and the results have been almost shocking. Only about 1/3 of U.S. expatriates living abroad working for a U.S. or foreign company keep a home. Of those that keep their home, about 1/2 have the house empty and the other 1/2 have a family member or someone else living in the house. For those that have an empty home, over 90% had not secured vacant home insurance! Of those that did not buy vacant homeowners insurance for the house, about 95% were totally unaware that it was even necessary.When a house sits empty for over 90 days, vacant home insurance is absolutely necessary in almost all cases, and without exception. The more time a house is unoccupied over 90 days, the better chance the current insurer would not cover claims or losses. Also, the existing insurer in almost all cases does not have a vacant home insurance product they can offer clients.

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Home Insurance :The Vacant Home Insurance Refund Process

admin — Mon, 28 Jun 2010 03:30:54 +0000

Many people have asked us, if a Lloyd’s of London policy is chosen for vacant homeowners insurance do they have to commit for the entire six month policy period and if not, what is the refund process for vacant home insurance policies.The Lloyd’s of London vacant home insurance plan

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Many people have asked us, if a Lloyd’s of London policy is chosen for vacant homeowners insurance do they have to commit for the entire six month policy period and if not, what is the refund process for vacant home insurance policies.The Lloyd’s of London vacant home insurance plan is a minimum six month program paid in full but 90 days of premium can be refunded for early cancellation. There is a one time policy cost typically of about that is not refundable but 1/2 of the pure premium is fully refundable.The bottom line is, clients are only “on the hook” for 90 days of paid coverage and the rest of the premium in these vacant homeowners insurance policies is fully refundable. This also applies to policies for vacant condo insurance and vacant townhouse insurance in all States where the program is available.

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Home Insurance :Prepping a Vacant or Empty Home

admin — Tue, 08 Jun 2010 07:14:44 +0000

Vacant Home Insurance Now is often asked what needs to be done to prepare a vacant home, whether the owner is buying vacant home insurance or not. However, we would like to remind people that in almost all cases where a home will not be occupied for over 90 days, vacant homeowners

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Vacant Home Insurance Now is often asked what needs to be done to prepare a vacant home, whether the owner is buying vacant home insurance or not. However, we would like to remind people that in almost all cases where a home will not be occupied for over 90 days, vacant homeowners insurance is needed to property protect the house.Turn off the water. Vacant homeowners insurance claims from water damage caused by the house’s own pipes and fittings is 100 times more common than claims from rain, streams, and rivers. If you cannot turn off the master water valve, for example, it’s a common water supply for the entire condominium, then turn off the valve at each toilet. Post signs for prospective buyers and Realtors that if they turn the water on, PLEASE remember to turn it off again!Anyone buying vacant home insurance cannot neglect the house in any way or the policy will be voided. This means keeping the grass cut at least once every two weeks in the growing season.Turn off the mailHave someone enter the vacant home at least once every 7 to 10 days. This is actually a requirement in most good vacant home insurance policies.Make sure the heat is on during the winter months, or if the house is going to remain cold in areas of the country that freeze, make sure all pipes are drained properly or damage can be significant, and many of these claims will not be paid by a vacant home insurance policy if things are not done properly.Make the house look lived-in. Leave curtains and shades up. Set two lights on timers. Nothing says “vacant house” more than empty windows and pitch black windows.

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Home Insurance :XN Financial Services an Industry Leader in Vacant Homeowners Insurance

admin — Thu, 13 May 2010 12:20:55 +0000

Vacant Home Insurance Now (.com) partners with XN Financial Services, Inc. a leader in vacant home insurance programs in the United States and Canada. XN Financial is a Lloyd’s of London coverholder that has both underwriting and claim payment authority to offer what we consider

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Vacant Home Insurance Now (.com) partners with XN Financial Services, Inc. a leader in vacant home insurance programs in the United States and Canada. XN Financial is a Lloyd’s of London coverholder that has both underwriting and claim payment authority to offer what we consider to be the highest quality vacant home insurance product in North America. They can also offer high valued homeowners insurance and vacant programs in other countries as well.Most vacant homeowners insurance programs are a limited form of insurance coverage called a Dwelling Policy. XN Financial services working with certain syndicates at Lloyd’s of London and has modeled an “all risk” and full coverage program based on HO3 Homeowners policy language. This type of vacant home insurance program is very hard to find in the U.S. and Canada, and is a superior offering.Please contact Vacanthomeinsurancenow.com for more information on this best-in-class vacant homeowners insurance program.

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