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 Posted: Thu Jan 29, 2009 3:24 pm Post subject: I'm rehabbing a 2 flat in Chicago il. 60619 |
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the property is vacant now I will be moving in with in 60 days where can I go for insurance coverage now?
Phone number removed for your privacy reason |
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mjordan95
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| Posted: Fri Jan 30, 2009 9:55 am Post subject: |
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| Some insurer wouldn't offer coverage on property that is unoccupied. Some may have the provision on their plans that would allow them to deny a claim when the property was vacant. Hence, you may have to contact an agent to check whether its possible for you to have a policy on the house when you are not staying there. |
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simon
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| Posted: Fri Jan 30, 2009 12:28 pm Post subject: |
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Any agent should be able to help (that sells homeowners policys) they may have to write it as a non-owner occupied dwelling/fire only policy till you move in then can convert it to a standard homeowners.
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"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
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Lori
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| Posted: Tue Feb 17, 2009 4:21 pm Post subject: |
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| Quote: | | non-owner occupied dwelling/fire only policy |
*takes deep breath*
Forgive my ignorance, but I've never heard of this one. Could you elaborate on what this type of policy covers? |
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bombteck187
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| Posted: Wed Feb 18, 2009 4:30 pm Post subject: |
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Sorry, it's just a basic dwelling only policy (no personal property coverage etc)...that is a named peril policy...usually limited perils...like fire, probably would have wind/hail etc....main point is you cannot get an owner occupied (coveriing personal property and much broader coverages) while you are rehabing it...
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"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
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Lori
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Location: Missouri
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| Posted: Fri Feb 20, 2009 10:44 pm Post subject: |
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| Just from an underwriting perspective, (I am a P&C underwriter for a major insurance company) We WILL NOT ever insure a property that is vacant. It is such to the point that if we get return mail back and we suspect that the property is vacant we will mid-term cancel your policy within 60 days. I am aware that some exclusive and independent agents have more flexibility in the policies that they write, but the company that I underwrite for there is no such flexibility. |
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bombteck187
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