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Started By
Message
Homeowners Insurance non-renewal...wtf
Posted on 3/15/15 at 3:29 am
Posted on 3/15/15 at 3:29 am
So we have been living in Dallas temporarily while I work and our home in Houston has been vacant though being prepped for sale. We get a notice from our insurance company they are dropping us and have notified our mortgage company that they have done a non-renewal drop.
What the hell do I do and how fricked am I? I didn't even know they could drop insurance even if we were paying it.
What the hell do I do and how fricked am I? I didn't even know they could drop insurance even if we were paying it.
4
Posted on 3/15/15 at 7:08 am to lsufanintexas
Usually most homeowners policies require you to live in the house. Somehow the insurer must have figured out that noone is living there.
This happened to us as we moved to another city and it took a few months for the house to sell. They did not drop us, what the insurer did was tell us that there was a vacancy rider we could add to the policy, and we needed to do that, or we would be dropped. Cost was like 200 bucks.
A vacant house does pose more of a risk of someone breaking in and screwing up things, or if something happens to the house, it might not be immediately realized, which could worsen the damage.
This happened to us as we moved to another city and it took a few months for the house to sell. They did not drop us, what the insurer did was tell us that there was a vacancy rider we could add to the policy, and we needed to do that, or we would be dropped. Cost was like 200 bucks.
A vacant house does pose more of a risk of someone breaking in and screwing up things, or if something happens to the house, it might not be immediately realized, which could worsen the damage.
Posted on 3/15/15 at 10:20 pm to LSUFanHouston
Mortgage co will just force place insurance on the property. Could see an uptick in monthly cost but it will be temporarily.
Posted on 3/16/15 at 11:03 am to lsufanintexas
been there. done that. you can get coverage on an empty house from some companies, but it is very expensive and it is not full coverage. ie plumbing leaks are not covered. also, ot has to be renewed frequently, as I think it was only 3 mos at a time. Nobody wants to insure an empty house
Posted on 3/16/15 at 11:09 am to lsufanintexas
quote:
our home in Houston has been vacant
This is why. You may want to move a sofa and a few chairs into the living room, take a picture, and then send it to your insurance company. Tell them it's still occupied. Show electric bills, gas bills, and other utility bills from that address.
Posted on 3/16/15 at 1:45 pm to GFunk
quote:
Mortgage co will just force place insurance on the property. Could see an uptick in monthly cost but it will be temporarily.
If you have any equity in the home or any contents, stay away from this. It will be high and they are only insuring their portion. No contents coverage, no liability coverage, and are only insuring the home to the value of the loan. (May not be the case with all mortgage companies, but is definitely the case with some)
In Louisiana, Foremost offers a vacant home policy for situations like this. Call an independent agent in TX to discuss.
Posted on 3/16/15 at 4:05 pm to Slickback
quote:
Slickback
quote:
If you have any equity in the home or any contents, stay away from this. It will be high and they are only insuring their portion. No contents coverage, no liability coverage, and are only insuring the home to the value of the loan. (May not be the case with all mortgage companies, but is definitely the case with some) In Louisiana, Foremost offers a vacant home policy for situations like this. Call an independent agent in TX to discuss.
He already made the decision not to insure it.
Posted on 3/16/15 at 5:50 pm to GFunk
What do you mean? His company is dropping him because it's not owner occupied. At least that was my understanding?
Posted on 3/16/15 at 8:40 pm to lsufanintexas
How did they find out it was vacant?
Posted on 3/16/15 at 9:30 pm to rpg005
A lot of companies are doing re-inspections now, especially in hurricane-prone areas.
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