What is the average policy of insurance companies on second “homes” if they are vacant? I always thought insurance companies did not like vacant homes? A buddy said when he was selling his moms home the ins co did not like that it was vacant for 4 months.
Discussion Forum
Discussion Forum
Up Next
Video Shorts
Featured Story
The FHB Podcast crew takes a closer look at an interesting roof.
Featured Video
Highlights
"I have learned so much thanks to the searchable articles on the FHB website. I can confidently say that I expect to be a life-long subscriber." - M.K.
Replies
edwardh1
That really is impossible to answer.. I do know millions of people have second homes insured all the time. If your company doesn't want to you might look at getting another insurance company or maybe a differant agent.. . My sister had a problem somewhat similar to yours and she kept her company but switched agents to get it resolved
I have my project house insured. No one lives there.
jt8
"Determine that the thing can and shall be done, and then we shall find the way." -- Abraham Lincoln
Theere is a difference between a vacant home and a 2nd home.
.
A-holes. Hey every group has to have one. And I have been elected to be the one. I should make that my tagline.
The insurance companies may charge more for insurance on a vacation home, due to: remoteness, fire water availability, the fact that there is less likely hood of anyone being there to report a fire or burglary, etc. Things like wired fire and intrusion alarms would typically bring the cost down.
Generally they are insurable, and like all things you insure, different companies have different policies, and pricing. You may have to call around.
A vacant home and a vacation home are two very different things. I have both. A vacation home is normally a Secondary Homeowners Policy - very similar to the coverage on your own primary residence. Might be in a different State, could be a beach house or a mountain home. You would stand a better chance insuring a home like this with the same company your main home is insured with. They recognize the fact that it will be "unoccupied" much of the time.
A vacant house is not "unoccupied", it is vacant. Maybe no power, no furniture. Might be a re-hab, or a flip house. These are tough to get coverage for - just too much risk of vandalism, liability, etc. The ONLY people here in Georgia that will readily insure a vacant house is the State's Fair Plan, Fair Access to Insurance. Sort of like assigned risk for car insurance. They will insure a vacant house IF IT IS CURRENTLY UNDER RE-HAB, with work currently being done. The premiums aren't bad, but coverage is somewhat limited.
Now a rental house that might be between tenants can usually stay insured under the Landlord's Policy. Again, they recognize that a rental is going to be empty from time to time.
A house that's empty and for sale is another matter, entirely. Best thing is to keep it insured with the same company, but leave the power on, visit the house often, maybe even keep a limited amount of furniture in the house, and spend the night in the house every now and then.
Greg
Just explain what you are doing to the agent and he'll get you the right policy. I think ours was called a "seasonal home". There was a clause that limited damage due to flooding from frozed pipes in unheated homes.
We always heated, so it really didn't matter to us.
Check with your agent.
Bob's next test date: 12/10/07
you would think there would be theft problems in vacant / seasonal homes
It all depends on the situation. My place had fulltime neighbors on both side. Nobody came and went without them knowing. Bob's next test date: 12/10/07
Short answer is yes, you may have to search out a company that will issue a policy.
A current price is $50.00 per quarter per each $10,000 worth of coverage.
This could vary with location.
Ed,
Just had an issue with my ins at my 2nd home, and they don't like it vacant. Given all the work thats going on, I moved the furniture out, not good. They, the ins agent, said get the co, move some furn back and ins co feels alot better.
On another note, my liability ins is on my primary homes ins policy, this saves me about 200 bucks, might be different in your state but worth looking into.