Special insurance is necessary for vacant properties.
Did you know that if an insurance claim is made against a property that is vacant, most insurers will decline the claim? Insurance companies investigate claims against real property due to the high payout figures, and go so far as to cross-reference public death records to see if a property was unoccupied. A declined claim is often followed by a cancellation of insurance.
From a real estate perspective, a property with a loss of insurance becomes stigmatized by mortgage companies (they too investigate these matters). Many lenders view the property as “high-risk” and therefore don’t offer loans, making selling the property very difficult.
Estate & Investment Realty Group has a network of insurance vendors who can write short-term vacant property insurance, protecting you from unforeseen mishaps.
Please contact Chris and the team at Estate & Investment Realty Group for further information.