Vacancy Insurance
Our old house is STILL on the market. Well because of changing my wife's auto insurance to mine, her agent found out that her house is now 'Vacant'. Vacant meaning, no furniture in the house. Typical home owners insurance is only for 'occupied' houses. Now that my wife's house was vacant they canceled the policy. That's a problem. No insurance means the mortgage company will foreclose. I talked to my agent (Nationwide) and a bunch of others and scoured the net for someone that would insure a vacant house. I couldn't find anyone that had vacancy insurance. It's pretty ridiculous because the house is in a nice neighborhood, well kept, and shouldn't be vacant for long. In desperation I contacted the Ohio Insurance Institute and they directed me to Associated Insurance Agencies. I was worked with Tim Bowers and he set me up on a Vacant Policy written through Miami Mutual of Troy, Ohio. Not cheap about $400 a quarter, but still cheaper than foreclosure.
posted by Bonk at Home at 11:02 AM
1 Comments:
My house has been on the market since early September. It's in Texas, I'm in Michigan.
My aunt is the one who told me most insurance policies do not cover a house for more than a month after it is left vacant. I didn't know this but kept my mouth shut and now hope to make it to 2/22 as this is the closing date agreed to by the person who wants to buy it.
I'm sorry you were found out and had to find insurance elsewhere, what a pain.
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