Vacant Insurance

A home for sale - Vacant Insurance

Types of Insurance

Types of Insurance - Vacant Insurance

Glossary

Glossary - Vacant Insurance

Discounts

Discounts - Vacant Insurance

Types of Vacant Insurance

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Low Vacant Insurance

For those who need to save money

Property

  • Actual Cash Value
  • Other Structures: 1%*

Liability

  • Personal: $100,000
  • Medical Payments: $1,000

Deductible

  • $5,000+
  • or Co-Insurance

Standard Vacant Insurance

For the average person

Property

  • Actual Cash Value & Some Matching
  • Water-Backup Protection
  • Other Structures: 10%*
  • Personal Property

    Liability

    • Personal: $200,000
    • Medical Payments: $2,000

    Deductible

    • $2,000

    Premium Vacant Insurance

    For those who worry or have a high net worth

    Property

    • Matching & Additional Replacement Cost
    • Water-Backup Protection
    • Other Structures: 50%*
    • Personal Property: Replacement Cost

    Loss of Use

    • 40%*

    Liability

    • Personal: $300,000
    • Medical Payments: $5,000
    • Personal Injury

    Deductible

    • $1,000

    *Percentages are of the replacement cost of the dwelling

    Glossary

    Liability

    Personal

    Pays for property damage and injury costs to others on your property or adjacent. Pays for legal defense costs as well, if you get sued.

    Medical Payments

    Covers medical bills for those who are injured on your property. The difference between personal liability coverage and this, is the medical payment limit will be used before the personal limit. The personal limit may not be used at all unless the injured sues the insured.

    Personal Insurance Protection

    This Pays for damages to someone's name including:

    • Defamation of name
    • False arrest
    • Libel
    • Malicious prosecution
    • Publication that violate's privacy
    • Slander
    • Wrongful conviction

    Business Pursuits

    Protects your home business from liability charges. Examples of home businesses could include daycare, renting on airbnb, dog sitting.

    Building

    Dwelling

    Your home and anything attached to it. The dwelling limit is the cost to reconstruct it is the value insurance companies use for your home. This can vary greatly from the market value (how much you bought it for). The cost to reconstruct it includes electrical wiring, plumbing, and anything else needed to duplicate the structure.

    Examples of attachments: Attached garage, awning, ceiling fan, towel bar, mirrors.

    Other Structures

    Any structures not atteched to the home. This may include a driveway, fence, and shed.

    Additional Replacement Cost

    This is an extra coverage you can endorse onto your policy.

    Example: If your current home’s reconstruction cost is $300,000 and you had this endorsement at 25% then the insurance company would pay up to $375,000 (300,000 * (1 + 25%)).

    Another additional replacement cost you can add is for ordinces & laws. Normal home insurance doesn’t cover the extra cost to build your home to code, so this is a valueable endorsement to have if you have an old unupdated home.

    Matching

    This applies to the roof and sides and is not normally included in home insurance. If hail hit half your roof and damaged only 1/4 of it then the matching endorsement would pay to replace the whole roof instead of just the 1/4 that was damaged.

    Personal

    Personal Property

    Property that is not attached to the building. This includes furniture, kitchenware, appliances, electronics, pictures, books, and toys.

    Actual Cash Value

    Actual cash value is the value and method used to replace your personal property. The insurance company inventories your lossed personal property and calculates the current value of it (Purchase Price – Depreciation).

    Replacement Cost

    This is a coverage you can have instead of actual cash value. Instead of the insurance company only paying the depreciated value of your personal property they will pay the amount it would cost to replace your personal property today.

    Special Items Coverage

    You can create limits on specific types of items. For example, jewelery, art, firearms, etc. This ensures that the insurance company will pay for a specific group of items on top of paying a general sum of everything which may not add up to the cost to replace your special items.

    Other

    Loss of Use

    In the event that you cannot live in your home, this will pay for expenses incurred outside the homes. Examples of this includes eating out and hotel stay.

    Deductible

    An insured will pay up to the deductible amount before the insurance company will pay any money for your policy. A deductible is usually a dollar amount (eg. $1,500) but also can be a percentage of the dwelling limit (eg. 1%- A dwelling limit set at $300,000 would make the 1% deductible $3,000). In some states you may have a seperate deductible for damages from wind and hail.

     

     

    Normal Exclusions You Can Add

    Water Damage

    From Sewer backup to water leakage water damage can create a whole lot of problems.

    Flood

    Any damage from a flood or water coming in from the side walls would be covered by flood insurance.

    Equipment Breakdown

    This pays for the cost to replace or fix the sudden breakdown of specific equipment in the home. Equipment includes washer, dryer, dish washer, oven, water heater, refrigerator, air-conditioner, and heater.

    Utility

    Damages caused by utility companies are covered with this endorsement. This can include electrical, gas, and water. Different insurance carriers have different variations of this endorsement.

    Earthquake

    Any damages caused by an earthquake would be paid for by earthquake insurance. If an earthquake destroys your home, your home insurance would not give you any money without this endorsement.

    Discounts*

    • Multi Policy
    • Claims-Free
    • Loyalty
    • Green Home
    • Home Improvements
    • Burglar Alarm
    • Fire Alarm
    • Smoke Detector
    • Sprinkler System
    • Smart Home
    • Water Sensor
    • Automatic Water Shutoff
    • Low-Temperature Sensor
    • Senior
    • Military / Serviceman
    • Married / Widowed
    • HOA
    • Gated Community
    • Paid in Full
    • Early Payment
    • Automatic Payments
    • Bank or Card Payments
    • Paperless

    *Different carriers use different discounts

    Frequently Asked Questions

    Do we insure people with many claims?

    Yes! We have select carriers for people who have many claims or a bad record

    What payment methods do we accept?

    Payments through a mortgage, direct billing through mail, EFT (Bank Account), debit and credit cards.

    Do we insure wood shingle roofs?

    Of course! We typically use Safeco and Encompass for these roofs.

    How can I file a claim?

     We strongly recommend calling us before the insurance carrier directly about a claim. You may not want to file a claim depending on your insurance plan and we will assist you in filling a claim the best way to make sure you take the least amount of damage possible to your insurance score. After talking with us, you can call the insurance carrier or let us call them for you.

     

    Do we insure home sharing or home renting?

    Absolutely! If you rent out your home or part of your home with Airbnb, HomeAway or some other service we got you covered.

    If you can’t find your answer here, please don’t hesitate to ask a representative through our messaging system or email