Georgia Vacant Home Insurance

I’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.

1. www.showhomesofatlanta.com provides a service to “stage” the home while keeping the home occupied.
2. Rent your home and look to sell your home when the market changes.  Getting a landlord policy in the interium would then be needed.
3. 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

Vacant homes are being targeted by insurance companies.  Insurance companies are finding homes that are vacant and canceling their policies.

Vacant home listings.  Drive by inspectors that ‘just happen’ to be in the neighborhood.  Being a target for a home policy being canceled is REAL if the home is vacant, looks vacant, listed as vacant, etc.

What should you do if your home is vacant? 

1. Know that coverage for certain “perils” may not be valid IF the home is vacant for more than 30 days.  Does that mean there is NO coverage?  Not necessarily… It may mean there is no burglery coverage, no vandelism coverage, and be careful… No coverage for water damage has been an issue with some carriers.
2. Consider using services like Show Homes of Atlanta.  Show Homes of Atlanta will put a “tenant” in your home that keeps your home occupied with QUALITY home furnishings and professional home staging.   This positions the home to be sold FASTER.  Also, the insurance costs are lower!  Also, the “tenent” pays utilities, keeps the yard up, maitains the pool…
3. Rent or Lease Purchase the home.  The rental market is booming in this credit tough economy.  Property Management companies have tenants that can occupy the home for 12-36 months to help you get through this tough sales time.  Lease Purchasing also positions the tenant with the goal of buying the home at the end of 12-36 months.

If all of the above fails, then the vacant home policy is available to keep your home covered and position you with the RIGHT coverage.

Give us a call.  We can provide help in all of the areas above.  1-877-MattLocke or 678-682-9700.