Home Insurance Blog » vacant house

Home Insurance Online :Vacant Home Insurance Renewals

admin — Wed, 08 Dec 2010 08:51:42 +0000

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

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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.

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Home Insurance :A Louisiana bill would ban insurance cancellations due to the Chinese Drywall problem

admin — Tue, 11 May 2010 12:24:19 +0000

Last year, Vacant Home Insurance Now reported on a problem homeowners were having with “bad” and corrosive drywall used after Hurricane Katrina. In summary, insurance companies did not want to touch any homes not just vacant houses, with this problem and homeowners were left out

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Last year, Vacant Home Insurance Now reported on a problem homeowners were having with “bad” and corrosive drywall used after Hurricane Katrina. In summary, insurance companies did not want to touch any homes not just vacant houses, with this problem and homeowners were left out in the cold and had to spend thousands to replace the drywall before they could again seek insurance.A prohibition against insurance companies dropping coverage for dwellings that contain corrosive, Chinese drywall moved forward Wednesday in the Louisiana Senate. Again, this pertains to any form of homeowners insurance not just vacant homeowners insurance in Louisiana.The bill would stop property insurers from canceling, refusing to renew, or increasing premiums or deductibles because of Chinese drywall at a property. People who rebuilt their homes after Hurricane Katrina claim the imported drywall emits sulfur, methane and other chemical compounds that have ruined homes and appliances and harmed residents’ health. The contaminated wallboard is costly to replace.The bill only deals with drywall that was imported from or manufactured in China before Dec. 31, 2009. Anyone found in violation would face a penalty up to half the insured value of the home or property, plus all court costs and attorney fees. It is still unclear if insurance companies that quote vacant home insurance can still use “Chinese Drywall, as a reason to not quote vacant homeowners insurance.

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Home Insurance :Insure for Full Rebuild Cost on Vacant House

admin — Sat, 02 Jan 2010 03:48:25 +0000

When a house becomes vacant or empty and vacant homeowners insurance is needed, one of the most important things to remember is the home needs to be insured for the true rebuild and reconstruction cost.Often, even after someone understands the need for vacant home insurance, they

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When a house becomes vacant or empty and vacant homeowners insurance is needed, one of the most important things to remember is the home needs to be insured for the true rebuild and reconstruction cost.Often, even after someone understands the need for vacant home insurance, they ask to be insured just for the amount they owe on a loan, or if they are selling, they want to insure for a low value in order to keep their premium payment lower because the cost of vacant home insurance is much more than regular homeowners insurance.This practice is dangerous. First, any reputable insurance company needs to insure a vacant home for the full rebuild cost assuming there is a total loss. Most people don’t realize if this is not done, there can be severe penalties at claim time if an insurance claim is filed on a vacant house.Any company willing to insure you for less than the true rebuild cost using like or the same materials should be avoided.

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