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Old 04-01-2008, 06:41 PM
 
Location: Moon Over Palmettos
5,978 posts, read 18,358,478 times
Reputation: 5066

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My co-worker has just sold his house out of state and I advised him to check with his homeowners carrier what their policy is on empty homes. When we left our home before it was sold, we told our insurance company that it was empty. They said that if we did not tell them and the house sustained a loss, it would not have been covered. We had to pay a surcharge for not occupying the house for the period that it was for sale. Do all insurance companies require this disclosure?
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Old 04-01-2008, 06:49 PM
 
Location: Union County, NC
1,895 posts, read 5,721,683 times
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I believe so -- we have an insurance agent in-house who tells us that if we have vacant listings we should remind our clients to check with their insurance carrier to make sure they are covered adequately.
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Old 04-01-2008, 06:55 PM
 
186 posts, read 1,021,410 times
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One of my friends moved out of her house while it was on the market. She recieved a letter 3 months letter letting her know her policy had been cancelled because the home was vacant. That is the one reason why my husband moved for his job and I stayed behind until the house sells.
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Old 04-01-2008, 07:12 PM
 
Location: Central Texas
20,816 posts, read 40,195,944 times
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I always advise my seller clients to contact their insurance company and let them know the home is vacant. Yes, there's a small surcharge while the house stands empty, but, yes, they can and will decline coverage if you don't tell them in order to get out of that small surcharge. The reasoning is, if something goes wrong (water leak, etc.), there's no one there to notice until the damage may be enormous, thus there is an increased risk for the insurer that is not counted in the normal premium for an occupied home.
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Old 04-01-2008, 07:44 PM
 
2,695 posts, read 6,930,707 times
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We bought home in CT which sat empty while selling present.Insurance company said o'k as long as home was checked weekly with log being signed with date and time.
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Old 04-01-2008, 08:27 PM
 
Location: Salem, OR
14,725 posts, read 35,669,892 times
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Most insurance companies do have a policy regarding this. I know some require that someone check in so often. One of my clients was told she needed to leave a certain amount of furniture in the home to make it appear lived in...

You do need to check with the carrier on this.
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Old 04-02-2008, 02:01 PM
 
Location: Johns Creek, GA
14,671 posts, read 55,286,555 times
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You said your co-worker just sold his house- so why is insurance an issue? The new buyer has to have insurance.
If it's sold- he is free and clear. Or did I miss something?
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Old 04-02-2008, 07:15 PM
 
Location: Moon Over Palmettos
5,978 posts, read 18,358,478 times
Reputation: 5066
Quote:
Originally Posted by K'ledgeBldr View Post
You said your co-worker just sold his house- so why is insurance an issue? The new buyer has to have insurance.
If it's sold- he is free and clear. Or did I miss something?
The offer was just accepted last weekend. Inspection has not even commenced yet. The house is empty.
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Old 04-02-2008, 08:31 PM
 
Location: SCCL, Lancaster, SC
444 posts, read 1,537,971 times
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If you are thinking of moving from your present home before it sales, I would recommend that you leave all utilities on and that you visit the home on a regular basis. When you call your insurance agent inform them that you are using the home as a secondary home or vacation home. You will then have coverage if there is a loss. For instance, if you have a vacation home you only visit it during peak time or once every so many weeks. You have furniture and it is set up like a home that you live in all the time. If you have a loss it will be covered. However, if you take all furniture out of the house and truly leave it vacant you have no coverage after 60 days in most states including NC. You must tell your agent and he will buy you coverage for vacancy permit and that will cost you many $$$$'s.

I have not worked in the industry in several years so you should check with your agent BEFORE you make any decisions as they will advise you before you make the incorrect move. Give them both ideas and then make your decision based upon what he says.

Also, when you make the decison, email your agent and keep a copy so when you have a loss you have your back up. You might say something like per our conversation of ..........


I hope this has been some help to all of you who are thinking of leaving your home vacant!

Dunroven
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Old 04-03-2008, 02:49 AM
 
Location: Ocean Shores, WA
5,080 posts, read 13,634,630 times
Reputation: 10732
We built our house a couple of years before we actually moved into it.

Our insurance company told us we could save money by lowering the amount we carried for contents since there was little in there.

When we moved in we increased the content value and the premium went up a few dollars.

But as far as the insurance on the dwelling itself, it didn't make any difference to the insurance company whether anybody lived in it or not, unless we rented the house out.
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