One problem many homeowners face is when to list their home for sale, before or after they have found where they want to move. There are many reasons for this but one is so the home does not sit vacant after they move into their new home because what many don’t realize is that they may be uninsured. Most home owner policies cease coverage after 30 days of vacancy, and vacant home insurance can be costly. But it can be more costly to be un-insured if this would be coming into your home!
We have found an answer. Our broker Long & Foster through their insurance company offers Vacant Home Insurance
Long & Foster offers a vacant listing program exclusive to Long & Foster Listings.
Key Points of the product:
• In order to qualify for this program:
o The property must be in move in condition (no rehabs, gut jobs, or
missing pipes)-think immediate occupancy.
o Property must be currently listed with Long & Foster.
o A copy of the valid listing agreement is required with the signed application.
o List price/replacement value must be <$1,500,000
• The pricing of the program represents as much as a 40% discount when compared to products available on the market.
• Figures discussed are a quote only, coverage can only be bound after receipt, review and approval of the completed and signed application(attached), payment in full and a copy of the current listing agreement. (Please allow 3-5 business days).
• Coverage immediately ceases, regardless of coverage period requested or bound, or for which payment has been received if the listing contract is not renewed or is terminated for any reason.
• In the event coverage is terminated, a copy of the HUD (if the property closed) or the Termination agreement must be provided in order to cancel coverage.
• Unlike other products available, a pro rata refund will be given if the policy is terminated. (typically a 25% earned premium applies).
• Pricing is based on the list price of the home, if the replacement cost is greater than the listing price, the replacement cost will be used.
• We cannot make liability or deductible changes to the program.
• Once the property has been insured through the L&F vacant program for 12 months, it must be rewritten to another carrier.
*** Other products are available to meet all of your needs ***
Call Nick Kiniry Insurance Manager, Long & Foster Insurance for a quote