There are hundreds of people in Southwest Florida who are gambling and don't even know it. They are betting that something won't happen to the home that they are trying to sell that is vacant and unoccupied. You would most likely think those two words mean the same thing, but not if you are an insurance company. To your insurance company, your home is vacant and unoccupied if no one lives there and there isn't any furniture in the home. If this description sounds like your home or some of your client's homes, they most likely will not have any coverage if something were to happen to their home. If they were to file a claim and the insurance company finds that they don't have "special coverage' for a home that is vacant and unoccupied, it most likely will be denied. From what I understand, the insurance company will refund the premium that has been paid and deny the claim. You may also find if there is a pool on the property that there is no liability coverage, since no one lives there. If someone were to go into your pool and get hurt or worse, you most likely have no coverage.
If you have any listings that fall into this category, you may want to have a fierce conversation with your sellers that they need to talk to their insurance agent and get the coverage they need to protect themselves.
Comments(1)