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Old 03-13-2010, 12:18 PM
 
14,453 posts, read 13,884,372 times
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My mother is selling a SFD she's rented out for umpteen years. Her insurer won't write a short-term policy for liability on an empty house that's for sale. I'm sure millions of homeowners face this situation every day as 50% of them probably move to their new residence before their first home is sold. Any advice or suggestions other than "shop around". I'm doing that w/o much luck. One example: liability/court costs: limits $300,000; hospitilization (are you ready for this one?): $500. Yes you saw that correctly--the most the insurance policy will pay for medical toward someone who is injured while viewing the property is $500. A hospital charges that for a band-aid nowadays. Here's the corker: Premium: $5,100!!!!

As you can see it's ridiculous out there and yet with millions of homes on the market right now surely not all of them go without liability. What's to be done?
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Old 03-13-2010, 01:06 PM
 
29,984 posts, read 40,678,243 times
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Quote:
Originally Posted by thrillobyte View Post
My mother is selling a SFD she's rented out for umpteen years. Her insurer won't write a short-term policy for liability on an empty house that's for sale. I'm sure millions of homeowners face this situation every day as 50% of them probably move to their new residence before their first home is sold. Any advice or suggestions other than "shop around". I'm doing that w/o much luck. One example: liability/court costs: limits $300,000; hospitilization (are you ready for this one?): $500. Yes you saw that correctly--the most the insurance policy will pay for medical toward someone who is injured while viewing the property is $500. A hospital charges that for a band-aid nowadays. Here's the corker: Premium: $5,100!!!!

As you can see it's ridiculous out there and yet with millions of homes on the market right now surely not all of them go without liability. What's to be done?
Can you rmother claim it as a "second" primary home, up until she sells it? Move some things in and spend 50% of her time there? I'm currently doing this with my insurance company, living in 2 houses to keep them both primary as I renovate one to move into.
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Old 03-13-2010, 01:08 PM
 
Location: DFW - Coppell / Las Colinas
38,936 posts, read 43,784,722 times
Reputation: 48959
Shop around, find an independent insurance person who deals with a lot of companies. There is somebody who will do it but you may pay a higher price.
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Old 03-13-2010, 01:49 PM
 
Location: Just south of Denver since 1989
11,607 posts, read 32,135,573 times
Reputation: 8398
or put in a temporary renter that will keep the property ready to show.
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Old 03-13-2010, 03:05 PM
 
Location: Austin
7,238 posts, read 20,193,811 times
Reputation: 9975
I'm not condoning this, but most people with insurance on a vacant house have it because they don't tell their company that it's vacant... It's very hard to obtain insurance on a vacant property. Too many things can go wrong.
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Old 03-13-2010, 04:38 PM
 
Location: Palm Coast, Fl
2,249 posts, read 8,521,218 times
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Where is the property? In Florida there are a couple of insurance companies that will do it. Two of them will require that there be a security alarm in the house.
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Old 03-13-2010, 04:44 PM
 
14,453 posts, read 13,884,372 times
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Well, in response to MOGal, my mother in assisted living right now so she can't do that. To 2bind, the agent is sure he can sell it in a matter of a month or two and a temp renter is just too huge a liability. For raskin, yup, I'm gonna keep trying; it's a tough sell. I just wonder what the other million people who are selling empty houses do. For Falcon, yup, I'm finding that out.
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Old 03-14-2010, 11:03 AM
 
Location: Cranford NJ
1,049 posts, read 3,814,482 times
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My broker will cover vacant home insurance while the property is listed with us. You can DM me for the name of the company, You can have short term, and I do believe it is very affordable, in fact, you can not afford to be without.
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Old 03-15-2010, 01:31 AM
 
14,453 posts, read 13,884,372 times
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Quote:
Originally Posted by Sergio M View Post
My broker will cover vacant home insurance while the property is listed with us. You can DM me for the name of the company, You can have short term, and I do believe it is very affordable, in fact, you can not afford to be without.
Thank you, Sergio. I'm doing that right now.
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Old 03-15-2010, 09:24 AM
 
69,364 posts, read 60,477,082 times
Reputation: 9376
I have a similiar situation on my 2nd home (on the market for sale), I insure it by claiming the home as a vacation home..
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