wingsnut Posted October 23, 2009 Report Share Posted October 23, 2009 Anybody have any experience with vacant home insurance? I have a second home I was letting relatives live in rent free for the last year or so until they got back on their feet. At the end of last month they were able to get a place of their own so the house is setting empty until I do some renovations and get it on the market. Unfortunately, my insurance guy who's office is near this home made an unannounced house call earlier this week and the neighbor lady who was out working in her yard felt compelled to tell him that nobody lived there anymore. He called asking ?'s and I believe I will be getting a policy cancellation notice shortly. The home is mine free and clear but I still need to protect my investment until I get it sold. Some research on the net tells me this will be quite a bit more expensive to insure because it's vacant. I understand and that's fine, I'm just looking for some names of good, reputable insurance companies who insure vacant properties. I've been thinking of buying some cheap furniture for the place and having my niece house sit for me. The only short term problem with that is I gutted the kitchen last week. From what I've read I need to have kitchen appliances, a place to sleep and a place to sit so it doesn't fit the insurance companies definition of "vacant". Anybody have any dealings with this kind of situation? Thanks, Chip Link to comment Share on other sites More sharing options...
gth0007 Posted October 23, 2009 Report Share Posted October 23, 2009 Anybody have any experience with vacant home insurance? I have a second home I was letting relatives live in rent free for the last year or so until they got back on their feet. At the end of last month they were able to get a place of their own so the house is setting empty until I do some renovations and get it on the market. Unfortunately, my insurance guy who's office is near this home made an unannounced house call earlier this week and the neighbor lady who was out working in her yard felt compelled to tell him that nobody lived there anymore. He called asking ?'s and I believe I will be getting a policy cancellation notice shortly. The home is mine free and clear but I still need to protect my investment until I get it sold. Some research on the net tells me this will be quite a bit more expensive to insure because it's vacant. I understand and that's fine, I'm just looking for some names of good, reputable insurance companies who insure vacant properties. I've been thinking of buying some cheap furniture for the place and having my niece house sit for me. The only short term problem with that is I gutted the kitchen last week. From what I've read I need to have kitchen appliances, a place to sleep and a place to sit so it doesn't fit the insurance companies definition of "vacant". Anybody have any dealings with this kind of situation? Thanks, Chip Chip, you are probably going to feel a little pain on vacant house insurance. I bought a nice new cabin in the West Central Arkansas mountains in March 2009 and had to get "vacant" insurance. While I rent the cabin a couple weekends a month, and I visit every other month or so, the cabin is still considered "not occupied or vacant". I pay about 3 times as much as I would if I lived there full time. I shopped around for insurance and finally got it through an independent agent who also shopped it around. Finally got it through Lloyds of London with a "commercial insurance binder". Because I rent it to others the commercial insurance was a little cheaper. Also a high deductible will reduce the cost. Good luck, Larry Link to comment Share on other sites More sharing options...
wingsnut Posted October 23, 2009 Author Report Share Posted October 23, 2009 Chip, you are probably going to feel a little pain on vacant house insurance. I bought a nice new cabin in the West Central Arkansas mountains in March 2009 and had to get "vacant" insurance. While I rent the cabin a couple weekends a month, and I visit every other month or so, the cabin is still considered "not occupied or vacant". I pay about 3 times as much as I would if I lived there full time. I shopped around for insurance and finally got it through an independent agent who also shopped it around. Finally got it through Lloyds of London with a "commercial insurance binder". Because I rent it to others the commercial insurance was a little cheaper. Also a high deductible will reduce the cost. Good luck, Larry Larry, thanks for the reply. I did some checking last night and it will cost me almost 3 times as much for this home as well. Some companies I looked at were much more......almost 6 times as much as the current premium. It's expensive, but considering what I will be out if something happens it's not that bad, plus it's only a temporary thing. That cabin sounds fantastic, pictures??? Chip Link to comment Share on other sites More sharing options...
07-2937 Posted October 23, 2009 Report Share Posted October 23, 2009 look into a monitered alarm system we got a big break when we installed one in my parents vacant house, without it they wanted close to 1k a month with the alarm it went down to 500 Link to comment Share on other sites More sharing options...
gth0007 Posted October 24, 2009 Report Share Posted October 24, 2009 Larry, thanks for the reply. I did some checking last night and it will cost me almost 3 times as much for this home as well. Some companies I looked at were much more......almost 6 times as much as the current premium. It's expensive, but considering what I will be out if something happens it's not that bad, plus it's only a temporary thing.That cabin sounds fantastic, pictures??? Chip I have a website for the cabin www.colliercreekcabin.com Plenty of pictures and other links to Arkansas "things to do" sites. (note: the previous owners are still listed on the website, they're friends of ours) Larry Miller Link to comment Share on other sites More sharing options...
ingram4868 Posted October 24, 2009 Report Share Posted October 24, 2009 Very nice looking place Larry. Link to comment Share on other sites More sharing options...
wingsnut Posted October 24, 2009 Author Report Share Posted October 24, 2009 I like that a lot. I've always wanted to build a cabin like that or maybe a timberframe home.......maybe some day. Link to comment Share on other sites More sharing options...
09 Red GT500 Posted October 24, 2009 Report Share Posted October 24, 2009 Looks great! Is it Shelby accessable? Link to comment Share on other sites More sharing options...
springer Posted October 24, 2009 Report Share Posted October 24, 2009 Chip, that's correct - vacant homes cost more to insure. The same thing happened with me thru my USAA policy on a vacant home before I sold it. Seems they are more susceptible to B&E and vandalism, therefore they charge a higher premium. Sorry, probably not what you wanted to hear. John Link to comment Share on other sites More sharing options...
gth0007 Posted October 26, 2009 Report Share Posted October 26, 2009 Looks great! Is it Shelby accessable? Totally Shelby accessable and I've added a car port. I just drove my SGT there. One of the good things is that the cabin is on a narrow paved road, so no gravel to have to deal with except the 100 yard driveway. This area of Arkansas has some of the most enjoyable and scenic driving roads you'll find, nice hills and curves, and little traffic. West central Arkansas is one of the better kept secrets if you looking for peace, quiet, low taxes, and very low population. Larry Link to comment Share on other sites More sharing options...
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