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Can you get homeowners insurance while you are renovating a house that is vacant?


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2015-07-15 21:14:48
2015-07-15 21:14:48

Speaking just from my personal experience in New York, when I purchased a home that had gone into foreclosure to renovate, I could not get a full homeowner's policy on it. Not only did the insurance companies want the home to be perfect before they would insure it, but even after the necessary repairs were done, because I was not living there, they would only give me what is called a "fire policy". It basically covers against fire, wind, an airplane crashing through the roof, etc. It does not cover vandalism however. If you want to protect the contents of the home (tools, etc.) then you need a rider for that which increases the premium. Although this "fire policy" has much less coverage than a real homeowner's policy, it has a much more expensive premium - I'm still trying to figure that one out (it was almost $500/year for a $45,000 policy with $2,000 personal property coverage). Its a pretty annoying situation. Anyway, maybe I have yet to find the right insurance company (I am still looking), but this has been my personal experience. I hope it helps!

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Homeowners Insurance and the Vacant HomeNo, Homeowners Insurance automatically becomes null and void when a home becomes vacant.You need to add a "Vacant Property Rider" to your policy to ensure continuing coverage during a period of vacancy.

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much greater chance of arson/vandalism. AND because people are more protective of the house they are actually living in.

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Generally No, Homeowners Insurance Policies typically have a vacancy clause. The insuring contract requires notification to the Insurance company when the house becomes vacant. All coverage typically ends at the time the home becomes vacant unless you have endorsed the policy to cover a period of vacancy.

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form_title=Homeowners Insurance form_header=Protect one of your most important assets with homeowners insurance. Get the homeowners coverage options to suit your life. Do you already own homeowners insurance?= () Yes () No Does your current homeowners insurance cover flood damage?= () Yes () No () Don't have homeowners insurance Are individual items in your house, such as your TV, covered by homeowners insurance?= () Yes () No () Not Applicable Are you looking to get homeowners insurance or update your current insurance?= () Get Insurance () Update Insurance


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