03 Feb
Posted by: Admin in: Home Insurance
When it comes to vacant home insurance, a good low cost solution does not exist in the United States. Vacant home insurance is 3 times to 5 times as expensive as regular homeowners insurance in most instances, and there is no way around this if you want a good policy.
Even “fire only” policies may be more expensive for vacant homeowners insurance than regular homeowners insurance and what are you getting, fire only!
There are certain factors that can get you the best rates possible for your vacant or empty home during the vacant home underwriting process. These are listed below
27 Jan
Posted by: Admin in: Home Insurance
Landlords that are keen on avoiding have to claim on their landlords insurance policy because of leaks caused by a burst pipes should read the advice given by landlord insurance broker Hamilton Fraser.
Steve Barnes, Property and Claims Manager, said:
“Escaping water from burst pipes can cause considerable damage and inconvenience. By taking some simple precautions property owners can reduce the risk of a claim, and whilst much of it is common sense or indeed standard practice to the experienced landlord the following actions could make a difference!”
Hamilton Fraser has issued the following advice:
• Make sure you and your tenants know where your main stop tap is and check that it turns easily.
• Make sure pipes and tanks in your roof space are lagged. Where t Read more…
Southern California residents were recently hit with new expectations to purchase flood insurance due to FEMA’s new floodplain map, and it appears that now some Michigan residents will be on the hook as well. While some of the resident in California were able to fight FEMA’s requirements and excuse themselves from this new expectation, it looks like residents in Michigan’s Fenton Township area are just beginning their fight.
Many residents who have received notice of their requirement to purchase flood insurance have turned to their townships and city halls for advice on what to do.
25 Jan
Posted by: Admin in: Home Insurance
As we move into 2010 continuing to insure vacant apartments, vacant houses, and vacant townhouses as our specialty, we unfortunately can still say that 9 out of 10 customers had NO IDEA their existing homeowners insurance company does not provide vacant homeowners insurance. In other words they came to us out of last minute desperation. The fact that clients are continually blindsided and blown away proves the homeowners insurance companies are not doing enough to communicate to their clients that they do not insure vacant homes and vacant town houses.
We propose the industry inform clients of their exact policy regarding vacant home insurance at the time of the initial sale. Read more…
Vacant Home Insurance now (.com) saw a massive influx of empty and unoccupied houses in 2009 due to the current economic conditions. The trend is not expected to decrease in 2010 as the amount of homes that sit on the market that cannot be sold is not decreasing in most real estate markets in the United States.
Vacant home insurance is needed when a seller of a home has moved out, and the home has been unoccupied for over 60 days in most instances. What’s more, most sellers do not think there is any problem with this situation and do not even inform their existing homeowners insurance company that the house in vacant! Read more…
21 Jan
Posted by: Admin in: Home Insurance
The severe earthquake that hit Haiti a little over a week ago reminded the Insurance Information Institute (I.I.I.) of the vulnerability of many drivers and homeowners who are more underinsured than they think.
According to the institute, having standard auto or homeowners insurance may not be enough if an earthquake hits, they may also need some form of earthquake coverage.
We have some great articles that address the basics of earthquake insurance, what it covers, and whether you need it. However, to sum it up, earthquake insurance is a type of catastrophic policy that is usually added to a homeowners or auto insurance policy.