Vacant Home Insurance:
Sometimes a home has to be left vacant or becomes a rental home. Request A QuoteSome insurance carriers do not wish to provide insurance coverage for properties like these. The reasons for this are many: they are more likely to suffer certain kinds of damage, they may be susceptible to break-in, or externally unnoticeable damage that grows to a large scale, for example a water leak that goes undetected for weeks.
Vacant home coverage can usually be offered provided the home fits one of the following categories:
- The home is currently between rental tenants
- Occupancy occurred less than 36 months prior to insurance
- A job move forces a property to be vacant prior to sale
- The property is for sale and currently listed on the market
- A home is currently under renovation, or
- A named estate owns the home
While there is typically very few restrictions for coverage beyond these broad categories, dealing with an experienced agent will be especially helpful if the home is older or has a high valuation. A lot of homeowners that end up being in one of the situations outlined don’t recognize that a different kind of policy is required. This knowledge lapse can cause some unfortunate consequences. Specifically, a standard homeowners policy may allow the carrier an ability to “cancel mid-term”, lower coverage levels and possibly deny a claim altogether.
AAIG homeowners and vacant home insurance agents are able to tailor these policies to your needs, whether it be a shorter 3-month term or a longer annual term like standard homeowners insurance policies.
In special circumstances AAIG is able to bind vacant home insurance policies that can last up to three years.
Rental Home Insurance:
Having rental home insurance is just as important as a standard homeowners insurance policy. A lot of times this kind of policy is referred to as a ‘Fire Policy’ since the policy typically only covers the cost to rebuild and repair based on catastrophic events to the property itself. Most minor events that occur will be covered under the actual renters policy (the personal property and liability coverage that the renter is expected to put in place – you should be sure to make this a part of the lease agreement to make sure your property is adequately covered).
Determining the right rental home insurance policy will be based on your financial position, the property and creating the correct coverage. Contact an AAIG representative today to complete a very brief discussion that will allow us to help you determine the best policy for your needs.
Anderson & Allen Insurance Group
14405 Walters Road
Houston, TX 77070
- Direct: 713-817-9939
- Fax: 1-866-774-4938
- Email: [email protected]
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Anderson & Allen Insurance Group (AAIG) is an independent insurance firm that is committed to providing unbiased advice and prudent strategies for insuring your specific risk.
Our services are always tailored to your needs, no matter how unique. Our process is efficient and thorough.
The AAIG staff will provide a free insurance risk analysis and suggest prudent changes to help strengthen your insurance portfolio...