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Vacant
Replacement Coverage Vacant Home
May 21, 2011 | 
Author Replacement Coverage is a traditional term in many insurance policies. Replacement Coverage provides the most understood coverage but that coverage mandates that the amount of coverage equals the value to replace.
For Vacant Home Insurance, Replacement coverage is available but with a premium. When there is a high value home or a new home that requires Replacement Coverage, Georgia Vacant Home Insurance has solutions for the Vacant home.
Actual Cash Value Coverage for Vacant Home Insurance
Actual Cash Value should not be a dreaded term.
The key to the coverage is to insure the home for it’s replacement value. Settlement of claims are done on a “Actual Cash Value”. The replacement value minus the depreciated value is the resulting settlement value. If the roof is new, the depreciation is nil. If the carpet is 20 years old, the depreciated value could be significant.
When purchasing vacant home insurance, landlord insurance, or home insurance, the term Actual Cash Value is often the default coverage type due to the age of the home.
Get a quote for your vacant home, tenant occupied home, or new home rehab project by calling us at 1-855-5Vacant or click here for an online application
Market Value Coverage is also available. See more about Market Value insurance by clicking here.
Home Policy Canceled
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.
- 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
Posted in 1-877-MattLocke, canceled, claim, Coverage, Georgia Agent, homeowner, Insurance, landlord, Policy, show homes, Vacant | 
Tags: canceled policy, notice, Vacant | 
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For Sale Vacant
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Fast Coverage
Purchasing homes from the court house steps? Call us prior to leaving the steps and we will have coverage issued IMMEDIATELY. Coverage can be bound over the phone. Many times, we have the information on your home via FMLS and local tax records. Our ability to pull the info on the home being purchased keeps your process of obtaining coverage EASIER and FAST.
Payments can be made via Visa, MasterCard over the phone and a binder can on your blackberry prior to your departing the courthouse steps.
Coverage can provide insurance for the Vacancy and the renovations (builders risk). More importantly, when you are ready to convert the policy to a landlord policy or homeowner policy, we can do the conversion and refund a majority of the Vacant Home policy premium.
Call us or e-mail us prior to going to the court house and the policy will be ready when you are.
1-877-MattLocke or 678-682-9700
Posted in Builders Risk, Court House, Coverage, Flip, fmls, Georgia Agency, Georgia Agent, homeowner, Insurance, landlord, Real Estate Investor, Vacant | No Comments »
About Us
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