Home Policy Canceled
Sunday, April 12th, 2009I’m always amazed at the tenacity of the insurance company that writes its insured to state: Your policy is being canceled due to the home being vacant. The insured has remained claim free, pays their bill, and now the insured is being canceled?
Reality: The insurance company has more risk for major claims when a home is vacant.
Example: In November 2008, a customer called me letting us know the insurance company was not going to pay for a claim. The claim was pretty straight forward… A tree went through the roof. That is a traditional claim no worries.. Right? The insurance company agreed to pay for the damage to the roof and remove the tree. The insurance company declined coverage for the water line that was damaged and flooded the home. The waterline flooded the house for over 10 days. There is NO DOUBT that the roof claim was much less cost than the water damage.
NOTE: Had the home been insured with a “vacant home” policy, the question of paying the claim may have been less questionable.
Did you recieve notice? Is your home insurance policy being canceled due to vacancy?
There are options.
- www.showhomesofatlanta.com provides a service to “stage” the home while keeping the home occupied.
- Rent your home and look to sell your home when the market changes. Getting a landlord policy in the interium would then be needed.
- Lastly, the last choice is a vacant home policy. The policy is expensive in comparison to a traditional policy and provides good coverage but not as robust coverage as a Landlord Policy or a Homeowner Policy.
When you are ready for that vacant home quote, give us a call or submit the online quote.
Sincerely,
Paul “Matt Locke”
1-877-MattLocke
