It is estimated that over 90% of homeowners that have high quality HO3 or
HO5 insurance policy forms, providing excellent coverage in most instances,
do not understand the vacancy terms of their insurance policy. Matthew
McKinley, the President of VacantHomeInsuranceNow.com describes the
situation like this, "Many people are attempting to sell a house that is no
longer being lived in, but don't understand that the homeowners insurance
policy that they have will no longer work on a vacant property. Even though
the insurance premium is paid up for the year, most do not realize that they
may have no insurance on the home in the event of total loss."
The poor housing market is causing thousands of homes to sit empty, long
past when they become uninsurable.
The percentage of claims that are not being paid by traditional
homeowners insurance has gone up exponentially since the housing problem
began in late 2007. Homes that are not being lived in by the owner, or a
member of the immediate family need to be switched over to a vacant
homeowners policy rather quickly or the owner risks losing insurance
coverage. Even if coverage is not dropped after a period of non-occupancy, a
best case scenario is the policy will not be renewed once the insurer is
advised of the situation.
Homeowners do not realize that just because the premium is paid in full
for the year, this does not mean coverage in full exists. The homeowners
policy can decline many claims related to a vacant property if the insurance
company was not properly notified, and they would much rather return $1,000
of premium than pay a $100,000 claim.
About Us -
VacantHomeInsuranceNow.com is a leading provider of vacant building --
insurance for homes that become vacant or unoccupied in the United States
and in over 50 countries. VacantHomeInsuranceNow supports its growing
portfolio of products (including vacant lot insurance and vacant rental
property insurance) with powerful technology and a global multilingual call
center that operates 24 hours a day. The company is headquartered in
Malvern, Pennsylvania.
For additional information please call 610-363-9271. ·
Contact Us - Vacant Home Insurance Now,
Contact: Nicolas DAlleva, 1053 Valley Hill Road, Malvern, PA 19355, P:
610-363-9271, E: contact@vacanthomeinsurancenow.com, W:
http://www.vacanthomeinsurancenow.com
