birmingham homes: Don't Assume You Are Covered...
- 09/18/07 10:08 AM
Purchasers who move into their new homes in advance of selling their existing property are potentially at risk with their insurance carrier. The standard homeowners policy is written to protect your primary residence and is presumed to be owner occupied (versus a second home policy or investment property policy). The policy language is very specific regarding occupancy. It also states that the insured is responsible to notify the carrier of any changes regarding occupancy. If you vacate your house and subsequently sustained damage or had to make a claim for any reason, your insurance company can, and likely will, deny the claim. I … (3 comments)
Purchasers who move into their new homes in advance of selling their existing property are potentially at risk with their insurance carrier. The standard homeowners policy is written to protect your primary residence and is presumed to be owner occupied (versus a second home policy or investment property policy).;)
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