Insurance for a vacant home (tenants, rentals, house, mortgage)

[Copanut]

Anyone have any experience obtaining insurance for a vacant home? I'm dealing with an estate and when the insurance company learned it was not occupied the rates almost doubled.

Thanks in advance.

[PNW-type-gal]

My rates didn't exactly go up, except that I was paying the same for less coverage. They dropped vandalism coverage but kept the rest.

[tamlym]

All different. I had a carrier that would allow for 30 days vacancy (between tenants), another that allowed zero.

Of the vacant policies I've purchased, some were for 3 months only (and no pro ration back if the status changed to occupied or sold), and one that allowed for vacancies (the price went up slightly - it was a rider- and back down when occupied). I preferred the 2nd one as it gave me back any unused premiums since I paid upfront for a discount)

There were all for rental properties.

The policies for my rentals were higher to begin with compared to my home policy. So you are probably seeing a double whammy for your estate (now no longer owner occupied AND vacant?).

[jackmichigan]

Originally Posted by Copanut

Anyone have any experience obtaining insurance for a vacant home?

In some areas, it's virtually impossible to get insurance on a vacant house.

[Copanut]

I'm finding that out.

[spankys bbq]

We've had to go through Lloyd's of London a few times on places we own with a mortgage. They're high, no doubt, but worth it if someone steals the HVAC system or any copper in the house or burns the place down.

[Copanut]

Well, it's a moot point. The house just went under agreement. Only on the hook for 30 days.