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mishmosh
That's all I got.
Member since 7/06 1452 total posts
Name:
Michelle
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Homeowner's Insurance for house on market
My grandmother's house is on the market and no one is living there. Her homeowner's insurance is expiring and the agent said it would be a higher premium because it is an empty house. He said he'd look into it and get back to me. How much more can it be? Don't they have some kind of special coverage for this situation? I just want to be covered properly.
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Posted 2/23/11 1:01 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Linda1003
love my 2 boys
Member since 8/08 10923 total posts
Name:
Linda
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Re: Homeowner's Insurance for house on market
I am a manager at at auto/home carrier.. we actually wont even insure a home that isn't lived in...It could be substantially more b/c of higher risk.
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| Posted 2/23/11 1:06 PM |
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MikesWife
Wanting...........
Member since 1/06 6887 total posts
Name:
Karen
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Re: Homeowner's Insurance for house on market
Is there a mortgage on the property? I believe your lender would require the home to be fully insured.
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| Posted 2/23/11 1:07 PM |
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mishmosh
That's all I got.
Member since 7/06 1452 total posts
Name:
Michelle
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Re: Homeowner's Insurance for house on market
There's no mortgage. I have no idea what to do. I honestly don't care what it costs. I just want it covered.
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| Posted 2/23/11 1:14 PM |
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Xelindrya
Mommy's little YouTube Star!
Member since 8/05 14470 total posts
Name:
Veronica
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Re: Homeowner's Insurance for house on market
Posted by Linda1003
I am a manager at at auto/home carrier.. we actually wont even insure a home that isn't lived in...It could be substantially more b/c of higher risk.
yup what she said.
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| Posted 2/23/11 1:24 PM |
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Smileyd17
kids
Member since 5/05 20997 total posts
Name:
Mommy
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Re: Homeowner's Insurance for house on market
Posted by mishmosh
There's no mortgage. I have no idea what to do. I honestly don't care what it costs. I just want it covered.
what are the plans? to sell it?
rent it?
There are options.
FM if you have questions.
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| Posted 2/23/11 1:33 PM |
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TNT1005
LIF Adult
Member since 3/10 1110 total posts
Name:
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Re: Homeowner's Insurance for house on market
insuring a home that is vacant can be done. Normally it is through a excess market. There is coverage available. Ask about 3. 6 month policies if you think the home will be sold within that time frame. Fm with any questions.
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| Posted 2/23/11 1:55 PM |
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mishmosh
That's all I got.
Member since 7/06 1452 total posts
Name:
Michelle
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Re: Homeowner's Insurance for house on market
It's currently on the market. We just switched real estate agents, so it's not up on mlsli yet. My grandmother lives in an assisted living facility now. We didn't think it would take this long to sell it.
The insurance agent said that he would look into it.
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| Posted 2/23/11 1:56 PM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: Homeowner's Insurance for house on market
We had to switch over the insurance on my Grandmother's house to a vacant policy when she lived with me. It wasn't a huge increase - just had to have another inspection by the insurance company & give information of the "care taker" - he was a friend of ours who looked after the home for us being we lived 3 hours away.
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| Posted 2/23/11 3:02 PM |
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mishmosh
That's all I got.
Member since 7/06 1452 total posts
Name:
Michelle
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Re: Homeowner's Insurance for house on market
The agent just called and said it would be 4-5K a year for a vacant policy. We could do a 6 month policy. He's going to get me the specifics tomorrow or Friday. I was thinking 3, tops. Should I call insurance companies myself or is that what the agent should be doing? I don't have much experience with looking for insurance, b/c with our own house, we've had no issues in the 11 yrs we've owned our home.
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| Posted 2/23/11 3:50 PM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: Homeowner's Insurance for house on market
Posted by mishmosh
The agent just called and said it would be 4-5K a year for a vacant policy. We could do a 6 month policy. He's going to get me the specifics tomorrow or Friday. I was thinking 3, tops. Should I call insurance companies myself or is that what the agent should be doing? I don't have much experience with looking for insurance, b/c with our own house, we've had no issues in the 11 yrs we've owned our home.
If you didn't already - I would shoot an FM over to Smileyd17, she's a vendor on here with State Farm and could help you or steer you in the right direction.
Good luck!
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| Posted 2/23/11 3:52 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Homeowner's Insurance for house on market
Honestly do they need to know it's vacant?
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| Posted 2/23/11 4:08 PM |
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bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
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Re: Homeowner's Insurance for house on market
Posted by Goobster
Honestly do they need to know it's vacant?
You read my mind!
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| Posted 2/23/11 4:09 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: Homeowner's Insurance for house on market
Posted by bicosi
Posted by Goobster
Honestly do they need to know it's vacant?
You read my mind!
I think they would figure it out pretty quick if vandals damaged it in some way and then you risk not being covered at all. Why would you take that chance?
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| Posted 2/23/11 4:30 PM |
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Xelindrya
Mommy's little YouTube Star!
Member since 8/05 14470 total posts
Name:
Veronica
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Re: Homeowner's Insurance for house on market
Posted by bicosi
Posted by Goobster
Honestly do they need to know it's vacant?
You read my mind!
Most places will do a drive by. If its vacant you are basically committing fraud. You bought insurance on your home you live in with the intention of it being your primary residence.
I'll always remember they did a 'drive by' on my apt in NY the day after a tree fell through the roof!  I told them "No it hasn't been there long and yes it's been repaired" and I didn't even OWN the place! 
I'd advise against misrepresentation of the documents. A scenario is they decline a claim on the home due to misrepresentation of information on the application and you have to pay for what ever damages are sustained plus lose whatever you've already paid into as far as premiums. so what did you gain?
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| Posted 2/23/11 4:34 PM |
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LotsaLuv
Us
Member since 6/10 4094 total posts
Name:
F
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Re: Homeowner's Insurance for house on market
You can probably get the policy written through Scottsdale Insurance, it's a non admitted carrier, but I am pretty sure they would do it, they specialize in properties that can't be written with mainstream carriers .
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| Posted 2/23/11 6:18 PM |
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