Abram Interstate Insurance Services, Inc., CMGA

Helping Independent Insurance Agents Since 1996

What’s Covered on a Vacant Home Insurance Policy? | Product Highlight

Published on May 17, 2016

Houses can be vacant for a number of reasons. An owner could’ve moved out but not sold the home yet. The house could be under renovation. Maybe the owners decided to go to Paris for six months like they’ve always talked about doing.

Whatever the case for the vacancy, that vacant home still needs insurance, and that’s something you can get them. Just to help you and your potential customers, though, here the info laid out to make it easy to understand what a vacant home policy entails.

WHAT COVERAGE IS OFFERED ON A VACANT HOME POLICY?

NAMED PERIL COVERAGE

The policy covers  “perils” (for example, fire, explosion, lightning, wind and hail) that are specifically named in your policy, subject to exclusions and conditions.

VANDALISM & MALICIOUS MISCHIEF COVERAGE

This type of coverage can be harder to find for a vacant home, but through Abram Interstate, you can offer this to your customer as an optional coverage. *has to be endorsed on a DP1 policy form

3, 6, 9, & 12 MONTH POLICY TERMS AVAILABLE

We offer short rate cancellation, subject to minimum earned premium. We also offer flexible payment plans for the 12 Month policies. These practices are helpful in case the owner moves back into the home, sells it, finds a tenant, or some other circumstance that makes them need to cancel.

LIABILITY COVERAGE

We offer optional liability coverage for the instance that your customer is found legally responsible for an accident on the vacant premises that causes damage to the property or injury to someone.

REPLACEMENT COST (TOTAL LOSS)

We offer replacement cost up to the policy limit as well as actual cash value in the event of a total loss if your customer’s vacant home is destroyed by a covered loss.

ACTUAL CASH VALUE (PARTIAL LOSS)

If a covered loss takes place (partial loss or partial damage), this offers coverage for the cost to replace or repair you customer’s damaged property, with a deduction for depreciation, which reflects the age and condition of your home, minus any applicable deductible.


PRODUCT HIGHLIGHT INFO:

Eligibility

  • Buildings secured against unauthorized entry
  • No buildings condemned or scheduled for demolition
  • No coverage for buildings in distressed areas
  • No coverage for buildings with existing damage
  • All subject to satisfactory inspection

Why Should You Use Abram Interstate for Your Vacant Properties

  • Servicing a real market “need”
  • Competitively priced
  • Exceptional commissions
  • Instant coverage options & price indications
  • Immediate binding and policy issuance
  • Intuitive process-Simple to use
  • Automated processing minimizes human error hence reduction in E&O exposure

Send in your submission today!

Links to quote below:

Click on a product to begin. New users contact marketing@abraminterstate.com to request a user name and password:

 


Abram Interstate Insurance Services, Inc. is a California wholesale insurance broker (CMGA) that has licensing and expertise to place business in both admitted and non-admitted markets for personal lines insurance and commercial lines insurance in California and surrounding areas.

Quote Online Today.