Can I keep insurance on a vacant home?

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PostPosted: Thu Dec 04, 2008 3:47 pm   Post subject: Can I keep insurance on a vacant home?  

Can I keep my Home Owners Insurance even if I'm not currently living in the home? I've been living in another city while looking for work, my insurance company said that since I had a change of address I am no longer owner occupant. How can I keep insurance on the property should I need to move back in?


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PostPosted: Fri Dec 05, 2008 12:56 am   Post subject:   

Quote:
Can I keep my Home Owners Insurance even if I'm not currently living in the home? I've been living in another city while looking for work, my insurance company said that since I had a change of address I am no longer owner occupant. How can I keep insurance on the property should I need to move back in?




Homeowner policies contain a requirement that the residence is "owner-occupied" for single-family homes, and that at least 1 of the dwellings be owner-occupied in a multi-family residence, like a duplex or similar.



While I understand that you may move back into the house, what are you doing with the home currently? Is it vacant, rented to others, or simply unoccupied? The answer to this question will let me know what your next step should be. As well, how long (if known) are you going to out of the residence? Is this house on the market? QuestionQuestionQuestion



More information from you will allow us to give you more information back. Thanks!



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PostPosted: Fri Dec 05, 2008 10:58 am   Post subject:   

Hey, I think you are required to maintain coverage on the home as long as you are the owner of it. I know of people who maintain more than one house but have coverage in all of them. If you drop the policy you'll then not receive any coverage for the damages.

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PostPosted: Fri Dec 05, 2008 11:11 am   Post subject:   

Quote:
Is this house on the market?




I'd also like to know the same thing. In every possibility I think that the owner is trying to sell his property off and therefore the insurance company has asked him to cancel the coverage.



Quote:
my insurance company said that since I had a change of address I am no longer owner occupant.




This statement is kinda dubious┬ůmoving to another city doesn't necessarily mean that you have lost your ownership. Are you still paying for the mortgage? Is the title still on your name?

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PostPosted: Fri Dec 05, 2008 11:27 am   Post subject:   

There has to be some type of insurance out there. I can understand the high risk to an insurance compnay with an unoccupied home. It has higher risks of burglery, fire and other damages since it would be a n easier target. Probaly whatever insurance the poster does find will have a higher price to it because of these factors. Insurance teacher asked some pretty important questions and I would imagine once thnose are answered then someone here can give him a lot better to answer.

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PostPosted: Fri Dec 05, 2008 5:31 pm   Post subject: vacant home insurance  

Quote:
In every possibility I think that the owner is trying to sell his property off and therefore the insurance company has asked him to cancel the coverage.




guest-diva, this isn't the point. The insurance company cannot cancel, nor can they require the insured to request cancellation of a homeowner insurance policy just because the owner is trying to sell the house. Nope, can't be done. ExclamationExclamation



There is a difference between vacant and unoccupied. A vacant home is one that has been "vacated." In other words, there are no personal possessions, furniture, etc. in the home. It's "vacant." An unoccupied home is simply a house where "nobody's home" at the time. When you're at work, the home is unoccupied. When your family goes on vacation, the home is unoccupied. Drastic differences in the policy language between vacant and unoccupied.



Finally, there are absolutely ways that you can cover this exposure. The key is that in order to continue a homeowner's policy on the house, the contract requires that the owner actually live in the home. That's the seeming key to the OPs question, and we need to info in order to properly address the situation and let the OP know how he CAN cover the home to satisfy the mortgagee requirements for hazard insurance.



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PostPosted: Thu Dec 11, 2008 3:09 pm   Post subject:   

Is there anyone living in the home now? If not, how long will it be unoccupied?


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PostPosted: Sun Aug 01, 2010 1:10 am   Post subject: Homeowners ins if not living in home  

My 80 year old mother is currently living in an elderly apartment complex due to health issues. She owns a home she is not living in. Her insurance co. has told her they can no longer insure the house because she is not living there. Is there some type of policy available for this type of situation. The home is currently on the market for sale. Thank-you


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PostPosted: Mon Aug 02, 2010 7:01 pm   Post subject:   

Talk to your agent about a "fire dwelling" policy, also known as a "dwelling form" as opposed to a "homeowner's" policy. This can take care of the house while it's not occupied by the owner.



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PostPosted: Fri Aug 06, 2010 6:01 pm   Post subject:   

Hans,



You may need to consider a vacant property policy. Most homeowners insurance and dwelling fire insurance policies have a vacancy clause that will either limit or even suspend coverage if the home is considered vacant.



The definition of vacant is also somewhat vague. However, if your mothers belongings are still in the home, the utilities are still on and you are able to check on the property frequently, it would be hard to classify that as vacant.



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PostPosted: Sat Aug 07, 2010 5:54 pm   Post subject:   

Hans . . .



Follow the advice of InsTeacher, and seek a "Dwelling Form" policy (DP-1, DP-2, or DP-3). Find a local agent to work with in determining which is most suitable for your situation.



DP-1 is the most basic and least expensive. Limited coverage for loss due to fire, lightning, internal explosion, and vandalism and malicious mischief. Theft is excluded under all DP forms (an inland marine form can cover all of the personal property if necessary).



DP-2 and DP-3 policies offer "broad form" and "special form" coverages, with greater protections, but also more exclusions. Your agent can explain this more fully.



It sounds like mom will not be returning. Homeowner's may be inappropriate due to the vacancy factor. Is there a family member who might be interested in occupying the residence? That could keep the HO policy alive.



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PostPosted: Thu Oct 07, 2010 12:08 am   Post subject: vacant home insurance  

I have vacated my home in North Carolina because I cannot continue mortgage payments..Is it mandatory for me to keep homeowners insurance until it sells or forcloses? I am a widow and a sr. citizen.


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PostPosted: Fri Oct 08, 2010 8:04 pm   Post subject:   

You should look in the terms and conditions section of your policy. Ask them about insuring it as a secondary policy and get a primary policy at the location which you moved. It will have to be with the same insurance carrier though. Or you can look at a vacant policy which is typically 3x more than HO3 policy.



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PostPosted: Sat Oct 09, 2010 6:36 am   Post subject:   

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I have vacated my home in north carolina




Chances are there is a vacancy clause in your contract that relieves the insurer of some or all of the responsibility to pay a claim.


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PostPosted: Wed Nov 10, 2010 4:31 pm   Post subject: vacant home  

In Texas what could one expect a $100,000 home to add in premium for a vacancy clause? Just in general - I know you can't be specific - but I live next door to my sisters house which will be vacant when she moves soon while she is trying to sell it. We will maintain it and check on it.


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