Unoccupied home insurance

[TAJoynt]

What is the name of your state? Illinois
What are my options in insuring my home I'm trying to sell. The insurance company dropped me because it is not occupied.

 

[uswcdh44]

Your only option is to sell it or rent it. Insuance companies will not write policices on vacant homes. too much of a risk. How did your insurance find out?

 

[TAJoynt]

It is for sale. I bought another home and had to get insurance. No one ever advised me to get it from a different company. I suppose that's why they call it "life's lessons".

 

[windchime]

Your only option is to sell it or rent it. Insuance companies will not write policices on vacant homes. too much of a risk. How did your insurance find out?

Question? If they won't write policies on vacant homes, then how do you get insurance on a second or vacation home?

 

[byrd42]

Our Insurance Co issued them as a Fire Policy for Dwelling coverage only. We also surcharged the premium 25%. We don't write business anymore, but I would call around to local Insurance Agents. Companies are out there that do insure vacant dwellings. If you have a mortgage (it is a must) that it be insured.

 

[moburkes]

www.foremost.com
will write insurance on vacant properties. Their minimum earned premium is only $250, so, when you sell, as long as you've been insured for $250 worth of insurance (take your annual premium and divide by 12 months to determine the cost of each month), they will return the premium prorated. If you haven't been insured long enough for them to have earned $250, they will keep that $250 and return the rest.

 

[WonderingToo]

Came across this. We were in a similar situation. We called our insurance agent, they found us a company that was willing to insure our vacant home while it was for sale. It ended up being the only company willing to insure vacant homes in the state of FL: Lloyds of London. It was double what our regular home insurance was, but they allowed us to take out a 1, 3, or 6 months policy. There should be companies out there willing to insure your home. Call your previous insurance agent, or an underwriter at the 'big names'.

Are you still paying a mortgage? Your lender will probably allow you to use escrow money for this new premium. They might also take action against you/your loan for not carrying insurance on your home, so get on this fast!

 

[moburkes]

Most consumers don't have access to underwriters. That is what agents are for. Yes, there are other companies besides Foremost, but my experience is that Foremost is the least expensive. When you buy 1 or 3 month policies, they are fully earned, which means no refunds.

 

[WonderingToo]

Most consumers don't have access to underwriters. That is what agents are for. Yes, there are other companies besides Foremost, but my experience is that Foremost is the least expensive. When you buy 1 or 3 month policies, they are fully earned, which means no refunds.

Thanks for the clarification, I am sorry I used the term underwriters incorrectly!
I wish we had known about this "Foremost" company, although a 3 months policy in our case was exactly what we needed and it ended up being only 600 some for 3 months.

Good luck OP.