Possible solution for insuring unoccupied homes?

[StrawberrySu]

In talking with my insurance agent today i found out the company I go through for my homeowners, Pekin Insurance, is going to start new coverage in a few weeks for "unoccupied property", at a minimal cost. Since I will be vacating my home, I am hoping to take advantage of this. I don't know if you have to already be a customer or not, and she said it was for "like people who were trying to sell their home and had moved away". I don't know if it will have restrictions, like it needs to be listed for sale, or if any unoccupied home can have this coverage. I will update when it becomes available, and how it will work. Maybe this can be a solution for many of us, fingers crossed!

I asked her about dropping the coverage on my rental homes and just having an umbrella policy, and she said an umbrella liability needs to have an underlying policy, it is additional coverage, not in place of coverage. Any thoughts?

[daylate]

Hi Strawberry,
This is good news. Keep finding good stuff like this. Let us know what else you find out. I have filed using fed exemptions rather than Ohio thanks to your post about that. It stop snowing up there yet? Hopefully July will be here soon for all you northerners- :-)

[StrawberrySu]

Hi Strawberry,
This is good news. Keep finding good stuff like this. Let us know what else you find out. I have filed using fed exemptions rather than Ohio thanks to your post about that. It stop snowing up there yet? Hopefully July will be here soon for all you northerners- :-)

Yeah, it stopped snowing .. after it dumped about a foot on our driveway! My husband was up at 5:30 this morning, snow blowing our very large driveway. He also did our 70 year old neighbor's driveway and our 90 year old neighbors driveways. He is such a kind person!

[frogger]

You should also be able to purchase "builders" insurance for property that is not occupied.

[StrawberrySu]

Update on insurance. I have 2 rental homes and one home, I am cancelling the rental home insurance, saving $967 a year, and increasing my homeowner policy liability to $1,000,000, which should cover any claims on the other properties, my agent says. This increases my homeowners by $36 a year. When I move to NC, I will switch to a vacancy policy, which will cost an additional $55 a year. If I ever rent the properties back out, after BK is closed, I can put all three properties under one policy, instead of insuring them individually. Luckily I have a great insurance agent who was able to come up with a good solution!

[tobee43]

Update on insurance. I have 2 rental homes and one home, I am cancelling the rental home insurance, saving $967 a year, and increasing my homeowner policy liability to $1,000,000, which should cover any claims on the other properties, my agent says. This increases my homeowners by $36 a year. When I move to NC, I will switch to a vacancy policy, which will cost an additional $55 a year. If I ever rent the properties back out, after BK is closed, I can put all three properties under one policy, instead of insuring them individually. Luckily I have a great insurance agent who was able to come up with a good solution!

wow...excellent plan!

i know since we moved here to floria.....there are so many rentals...we had to be careful which town we lived in since some of the towns allowed "weekly" rentals....and we didn't want 52 neighbors year......so we moved OUT a bit to a more family type community ...where you can rent but the town makes you have a co....and also a min of a one year lease.