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| *Loan,banking and credit>>>homeowner insurance |
Hello everyone, I'm interested in homeowners insurance regualtions.? |
We just moved out of our home a month or so ago, and into a mobile home that is also located on my own property. Previously some friends had owned the mobile home and just rented the land, but then had to move out, and offered to sell it to us. (It will be better on oil this winter) Well, ok what I am wondering about is if I told my homeowners insurance company aobut this and told them I moved out of the house, would they cancel my insurance? I haven't said anything yet as the house is still financed and I'm afraid if they cancel my insuracne that I the bank will take not only the house but the land too, and then I'm out of a home. The mobile home where we live is only 100ft from the house and they are right side by side, and on my own property. So I'm hoping that someone has some insight I don't. I go through AllState. Would they cancel my insuracne if they knew the house was empty? Yes, if your house is unoccupied or vacant, they will cancel it. They have to give you between thirty days and six months notice, or sometimes they just non-renew it, depending on where you live. Why are you not living in the house? It might be relevant. Meanwhile, here's the scoop: There are standard coverage suspensions that pop into place, if your house is unoccupied or vacant for more than 30 days. Basically, vandalism coverage is suspended, and if you DON'T take measures to prevent frozen pipes, then damage for frozen & burst pipes is also suspended (measures usually means, either keeping the heat on in the winter, or shutting off the water in your house AND draining your pipes). HOWEVER. When you go to buy a vacant property policy (costs about 5X the price of an occupied property policy) those coverages aren't included anyway. SO, if it was me, I would NOT notify the company that the building is now vacant/unoccupied. You're still getting mail at the same address, you're still on the lot, so I'm thinking, this is still the best way to cover your interest. If you do need the vacant property dwelling policy, you can get it through www.foremost.com - it's the most reasonably priced product out there. Also, the same company will insure the mobile home - but on a different policy. Source(s): Agent, 20+ years Many homeowner's policies have a clause that voids the policy if a property is vacant. However, if all of your belongings are still in the home, you're probably ok. Read the policy VERY carefully. And don't forget to leave the heat on in the home, or your pipes will burst! Are you still there to watch it? Is so I would expect you are OK. Try calling some other insurance company and asking them - or better, call an insurance agent. They should be willing to tell you so that they do you a favor and maybe get your business later. |
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