Vacant Home Insurance - A Solution

The current real estate market has many homes remaining unsold for an extended amount of time. These sellers have minimal choices and many have to leave their property vacant for an extended time period.
By: David Buckley
 
July 2, 2011 - PRLog -- What Now?
Drive around any neighborhood here in Arizona and you are bound to find homes that are vacant.  If your home is soon to be or currently is vacant, it may be tempting to leave the property without notifying your existing insurance agent or insurer of the change in the home’s status.  This could have a devastating effect on future claims for this property.  Most homeowner policies have exclusions for neglect and abandonment of property.  Additionally a vacant exclusion within your homeowner’s policy generally kicks in after a home has been empty for 30 or 60 days.  

Homeowners looking to insure their vacant home typically have two options: purchase an endorsement to the existing homeowner’s policy covering vacancy or purchase a separate vacant home insurance policy.  The reality of a vacant property is what it creates, an ‘attractive nuisance’.  It is a potential haven for kids, homeless, squatters and vagrants.  As such it is more expensive to insure a vacant home than an occupied home.  

Liability and Coverage
In Arizona, if a homeowner is not living in the home and neglects to notify their insurance agent or company that the home is vacant, any claims for property damage or liability under the homeowner’s policy will be contested and could potentially be constituted as insurance fraud.  Homeowners must understand an existing policy’s terms prior to a change in the status of the property.  Talking to your agent or insurer can help you discover coverage options.

Solutions
In many cases, insuring a vacant home is as simple as purchasing an endorsement to the existing homeowner’s policy.  West Valley Associates, specializes in offering such endorsements.  As an independent broker of numerous lines of homeowner insurance companies, we are able to provide coverage for vacant properties when your standard homeowner’s policy no longer covers certain types of damage once a home becomes vacant.  Unlike other companies, we offer policies that are renewable for up to two years, with pro-rated cancellation.  This means you won’t get stuck paying for a longer term than you need.  Qualifying homes can remain vacant for up to 24 months, up for sale, under the name of an estate and undergoing renovation.

Not every insurance company offers endorsements nor are they looking to provide coverage for vacant homes.  Being able to have a discussion with your insurance agent about your options is critical to make certain that you and your property are covered for all forms of liability.

About the Author
David Buckley is an independent insurance agent with West Valley Associates.  This  local agency provides liability coverage throughout the State of Arizona.  By offering well over 80 years of combined residential and business insurance experience within this office, we are certain that you will be receiving the most comprehensive guidance.  We are focused on you and your exposure with the ability to educate and search the market for the products you require.  Let us know how we can help you today.
www.insurancewestvalley.com   602-881-0799

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West Valley Associates is a family owned and operated insurance agency dedicated to providing quality insurance solutions for our clients. Working with people throughout Arizona, we are the source for competitive pricing and unparalleled customer service
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Source:David Buckley
Email:***@cox.net Email Verified
Zip:85396
Tags:Home, Owners, Property, House, Arizona, Cheap, Insurance, Vacant
Industry:Insurance, Real Estate, Financial
Location:Buckeye - Arizona - United States
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