My parents have both passed recently and their home needs a new insurance policy...however...?

  • by RogerE
  • May 19,2017
  • 9 answers

My parents have both passed within months of each other and now their house, which is a mess, is not going to have an occupant of any sort. After going through their huge backup of mail I've found that the homeowner's policy is being cancelled by the insurance company here in Florida because it has galvanized plumbing and asbestos siding. I guess that's how it works now...a company realizes they may have to cover something after 50 years of swallowing their customer's premiums and so they cancel. I would attempt to seek legal advice except that I'm already going through a litigation over the will my parents had that my sibling doesn't think is fair so she's taken it to court. That's another story for another time. Anyway, I have to start calling around and find insurance because it will expire in a matter of weeks. Just so I have a ball park figure of where I stand, can anyone tell me if the rates are higher for the unoccupied house? I imagine some of the companies that I contact will ALSO be concerned about the asbestos and the galvanized plumbing (sheesh!) but I just want a idea of where the cost is heading...UP or WAYYY UP... thanks to all who give input :)


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Insurance Answers (9)

Badooooo 6 months ago

Ok

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mbrcatz 6 months ago

That's a very unusual reason to cancel homeowners insurance. A normal reason would be, because the house is no longer owner occupied.
Rates are DRAMATICALLY higher for a vacant house. Coverage is also scaled back a lot - you won't get water damage or theft, for instance. And in Florida, they're high anyway. My normal "go to" carrier for vacant homes is Foremost Insurance, but I don't believe they write in Florida.

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StephenWeinstein 6 months ago

First, that is not something that they would have to cover. That is something that they never cover.
Second, it is muchmore expensive to insure an unoccupied home. It might be cheaper to pay someone to live there.
Third, try Foremost Insurance. Most other companies won't insure this home, at any price.

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tro 6 months ago

until the matter of ownership is resolved with your sister, you do not have an insurable interest and I doubt you will find any insurance to cover it
and insurance companies will not insure properties that are not occupied, that leaves them wide open to obligations they have no control over--at least when the place is occupied some measure of safety is assumed

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Insurance Pickle.com 6 months ago

Agree with the above. You pay your insurance each year for coverage that year. It's not something you "pay into." You pay to be covered that year and they were covered each year they paid. The insurance company doesn't want to take the risk that somebody might just decide to abandon the home rather than fix it. It would otherwise not be their liability to replace the siding and plumbing unless a tree fell on it.

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anonimitie 6 months ago

"...after 50 years of swallowing their customer's premiums..." And in return for those premiums, they were covered in case of disaster. What's your issue?
Are you the executrix of the will? If not, it's not your problem. It's the estate's. And it's not unusual for insurance companies to inspect the property being underwritten. If the house is a hording fire hazard, it may be uninsureable because of that as well.

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paul 6 months ago

put the place up for sale ... get what you can out of it and move on

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Beverly S 6 months ago

Yes they are higher, however you don't have to cover the "contents" of the house if you don't have furniture etc. in it.

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Ricki 6 months ago

I would say way up. If one insurance company doesn't want to cover the risk, others aren't likely to be falling over themselves to take on the risk.

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