Carlsbad Sellers, Is Your Home Vacant? Better Check Your Homeowner's Insurance!

SELLERS in CARLSBAD - For those of you who have not sold your home yet and are vacating it to relocate....beware of your homeowner's insurance.

This is a cautionary note to you to check on the status of your policy before you move out, or once you are no longer living in the home while it is for sale:

•·        It is possible that your insurance premiums will increase since the home is not owner occupied

•·        And you certainly cannot let the insurance expire (you are likely required by your mortgage company, unless the home is owned outright, to keep it properly insured), especially once you have written contract on the property.

•·        It is also possible that the coverage levels will change since the home is non-owner occupied

•·        Premiums can be much more costly for companies that provide this coverage

•·        Some insurance companies that will cancel the policy if they discover the home has become vacant

•·        And worse, if there is a loss in the vacant home they may not cover it at all. This can cost you big bucks.

PLEASE check with your insurance provider if you are making this decision, or it has already been made. You don't want there to be a problem at your home, only to find the policy will not cover the damage, or to have your insurance canceled. DON'T make the assumption that your insurance company will inform you. And check your policy - the issue may be address there. Or call your agent to discuss.

AGENTS - this is an opportunity for you to help protect YOUR clients' interests. This is likely something they are NOT aware of and have probably not checked into. Any vacant home is a potential for loss, whether due to vandalism, a leaky faucet or one left on by careless buyers touring with their agent, etc.

And why not take it one step further - are you checking in on your clients' vacant home regularly? If not, why not? It could save them a major hassle, plus you can see how the home looks. Those dust balls, spider webs and accumulated dirt in a vacant home aren't going to help you sell it, are they?

 

6 Comments on Carlsbad Sellers, Is Your Home Vacant? Better Check Your Homeowner's Insurance!

Superb Jeff! Most just don't think of this and it makes perfect sense. Great Post idea and I book marked it as a reminder to my self to be sure to put  content of this nature into my archives under insurance. Many Thanks.

Sometimes the most elemental of ideas can save someone from a catastrophe.

08/26/2007 12:39 PM by San Diego Real Estate Voice authored by William Johnson GRI CRS e-PRO (RE/MAX Associates)

Excellent, informative, relative post, Jeff!  Funny how sometimes the simplest of information can be so important.  I too, have bookmarked :)

08/26/2007 12:43 PM by Chico CA Real Estate by Sandi Bauman, Chico CA Realtor (Chico Homes Real Estate)

Jeff, excellent tips.  I didn't realize that.  Something to notify our clients off and ensure they make the right decisions.  Thanks for sharing!

08/26/2007 12:50 PM by Pasadena CA Real Estate - Irina Netchaev (Keller Williams International Realty)

Thanks, William. I have not, fortuantely had anyone that had a problem but I have heard some stories. It's such a small thing but with huge implications.

Jeff

08/26/2007 01:07 PM by Jeff Dowler ~ Carlsbad Real Estate (RE/MAX Associates)

Thanks Sandi - glad you found it worthwhile.

Jeff

08/26/2007 01:07 PM by Jeff Dowler ~ Carlsbad Real Estate (RE/MAX Associates)

Irina - you're welcome. It's a simple way to make a big impression, and sellers need to know - there are so many homes like this in our area (some vacant for many months) and I bet lots have no clue.

Jeff

08/26/2007 01:09 PM by Jeff Dowler ~ Carlsbad Real Estate (RE/MAX Associates)

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Real Estate Agent: Jeff Dowler ~ Carlsbad Real Estate (RE/MAX Associates)
Jeff Dowler ~ Carlsbad Real Estate
Carlsbad, CA
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