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 Posted: Thu Dec 04, 2008 3:47 pm Post subject: Can I keep Home Owners Ins. if not living in the home? |
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Can I keep my Home Owners Insurance even if I'm not currently living in the home? I've been living in another city while looking for work, my insurance company said that since I had a change of address I am no longer owner occupant. How can I keep insurance on the property should I need to move back in?
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jnstarb
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| Posted: Fri Dec 05, 2008 12:56 am Post subject: |
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| Quote: | | Can I keep my Home Owners Insurance even if I'm not currently living in the home? I've been living in another city while looking for work, my insurance company said that since I had a change of address I am no longer owner occupant. How can I keep insurance on the property should I need to move back in? |
Homeowner policies contain a requirement that the residence is "owner-occupied" for single-family homes, and that at least 1 of the dwellings be owner-occupied in a multi-family residence, like a duplex or similar.
While I understand that you may move back into the house, what are you doing with the home currently? Is it vacant, rented to others, or simply unoccupied? The answer to this question will let me know what your next step should be. As well, how long (if known) are you going to out of the residence? Is this house on the market? 
More information from you will allow us to give you more information back. Thanks!
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InsTeacher
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| Posted: Fri Dec 05, 2008 10:58 am Post subject: |
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| Hey, I think you are required to maintain coverage on the home as long as you are the owner of it. I know of people who maintain more than one house but have coverage in all of them. If you drop the policy you'll then not receive any coverage for the damages. |
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jeorge
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| Posted: Fri Dec 05, 2008 11:11 am Post subject: |
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| Quote: | | Is this house on the market? |
I'd also like to know the same thing. In every possibility I think that the owner is trying to sell his property off and therefore the insurance company has asked him to cancel the coverage.
| Quote: | | my insurance company said that since I had a change of address I am no longer owner occupant. |
This statement is kinda dubious…moving to another city doesn't necessarily mean that you have lost your ownership. Are you still paying for the mortgage? Is the title still on your name?
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guest-diva
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| Posted: Fri Dec 05, 2008 11:27 am Post subject: |
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| There has to be some type of insurance out there. I can understand the high risk to an insurance compnay with an unoccupied home. It has higher risks of burglery, fire and other damages since it would be a n easier target. Probaly whatever insurance the poster does find will have a higher price to it because of these factors. Insurance teacher asked some pretty important questions and I would imagine once thnose are answered then someone here can give him a lot better to answer. |
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fireyone
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| Posted: Fri Dec 05, 2008 5:31 pm Post subject: |
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| Quote: | | In every possibility I think that the owner is trying to sell his property off and therefore the insurance company has asked him to cancel the coverage. |
guest-diva, this isn't the point. The insurance company cannot cancel, nor can they require the insured to request cancellation of a homeowner insurance policy just because the owner is trying to sell the house. Nope, can't be done. 
There is a difference between vacant and unoccupied. A vacant home is one that has been "vacated." In other words, there are no personal possessions, furniture, etc. in the home. It's "vacant." An unoccupied home is simply a house where "nobody's home" at the time. When you're at work, the home is unoccupied. When your family goes on vacation, the home is unoccupied. Drastic differences in the policy language between vacant and unoccupied.
Finally, there are absolutely ways that you can cover this exposure. The key is that in order to continue a homeowner's policy on the house, the contract requires that the owner actually live in the home. That's the seeming key to the OPs question, and we need to info in order to properly address the situation and let the OP know how he CAN cover the home to satisfy the mortgagee requirements for hazard insurance.
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InsTeacher
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| Posted: Thu Dec 11, 2008 3:09 pm Post subject: |
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Is there anyone living in the home now? If not, how long will it be unoccupied?
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sarahedtler
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