Bank Foreclosed Homes an Opportunity for the Savvy Investor …
Bank foreclosed homes are homes that the lender now owns because the initial mortgage holder failed to make the payments. Many of these former homeowners would. … Homes are expensive to maintain and the insurance, property taxes, and other costs of having a vacant property on the books make this a losing proposition. Further, if too many vacant homes sit in a neighborhood, the value of all of the properties goes down as new buyers are reluctant to move into a so called … read more…
Everything UV Strategies for Selling a Vacant Home
Review your homeowner’s insurance policy with your insurance agent to find out what the stipulations and coverage are for your vacant home. If available in your area, consider employing a home manager or house sitter. … read more…
How Long Is A Insurance Company Required To Give Before They …
Purchase a commercial property insurance policy. (expensive but doable.) 2. Search around and find another homeowners insurance policy and buy 1M dollars worth of umbrella coverage. I’d spend my time looking for option two. The minute you ask about an … It depends what type of policy you got in the beginning..did you have a vacant renters policy? or a DP-3 policy? did you tell them no one was living in the home? normally it is 30 days notice. Your mortgage company can … read more…
From Google Blog Search
Ireland homeowners risk voiding their Home Insurance
As a second home owner in Ireland you may be at risk of losing your home insurance coverage if you leave your properties empty for a significant … read more…
Your Property is worth more with Cash Buys
Foreclosure, economic analyst say, is the key factor that prompted the global financial crisis. Financial crisis which is being experienced by the world started with unpaid mortgages that piled up and… read more…
Insure questions and answers
Do you run a home hours of daylight caution surrounded by Ontario? Advice needed re: liability insurance? My wife is planning to start a home day support business, and would lie… read more…
From GoArticles.com
Palm Bay alters rules for vacant-lot owners (Florida Today)
Palm Bay won’t be able to cite owners for overgrown vacant lots more often than every two years. Those lot owners will also have to keep vegetation 30 feet from their neighbors homes instead of 25 feet from the property line. read more…
‘Housing bubble’ has put homeowners in a tight spot (Hampton Union)
Can’t Sell Your Home? Consider Renting It read more…
RED RIBBON WEEK: Once known for drugs and violence, Ninth and Benner revives (Columbus Ledger-Enquirer)
Jodie Arrington has seen his neighborhood go straight to hell, and come back again. read more…
Resolved Question: do you sell homeowners insurance for a vacant home or a landlord/tenant?
We have a vacant home as of Nov. 19th. The choices going forward are a vacant policy or a tenant policy where the estate is the landlord and the tenant is the person who will inherit the house.
There are 2 personal reps and one lives 300 miles away. The insurance agent says for the vacant policy both personal reps. will need to be present at the same time to sign the new policy. If the tenant policy is used it can be done over the phone. The rep. 300 miles away is trying to avoid a drive down just to sign the policy. They hoped the paper could faxed to their city, to an office of the very same insurance company and let them sign it. Then fax back to the other office for the local rep. to sign.
Why are they requiring the two reps. to be present to sign the vacant policy and not the vacant policy. (which can be done by phone).
Another idea was for the rep. 300 miles away to get their signature notarized and send the form to the other rep. who is local, for their signing.
Since one rep. is not inheriting the house, they are not going to go politely into the night and let the estate pay all the bills for a landlord/tenant policy. For this reason the person inheriting the house prefers the vacant policy. This is no good for the other rep. because they have to drive 600 miles round trip just to sign a form.
Questions are within the above details.
I called formost. My sister is co-rep so I have to get here to agree on everything.
The current company is Allstate.
The vacant premium for 6 months with $5000 deuctable is $1150. The tenant landlord policy is around $725. They require the tenant to have the address on their driver’s license and get mail there to say it is not vacant. Many people work out of town 5 days a week. On the landlord(estate)/tenant(beneficiary) we were going to do what the agent said needed to be done to show that it was the tenant’s primary residence. The above is about the only way they could define it. I asked if it was so many hours or days a week and they said no. The tenant would be me and I’d work in one city (12 miles away) and stay at the now vacant house the rest of the time. I doubt my sister will even consider a company she has never heard of like Formost. I think their premium was about the same.
ok, please define “living” there……….what are the requirements?
Resolved Question: do you sell homeowner’s insurance?
death in the family and the insurance company had 3 options on the homeowner’s insurance.
1. cancel immediately
2. cancel 30 days after the date of a notice.
3. let the policy run it’s course and not renew on 11-19-09.
They chose #3 to the advantage of the estate.
———
The options being offered are:
1. vacant policy through another company but through the current agent with a premium of 1000-1150 per 6 months.
2. landlord tenant policy with the estate being the landlord since the deed is still in the estate’s name and premium estimated at around 725 for 6 months.
Are there any other policy options for the personal reps. on this situation, since the deed with stay in the estate’s name well into 2010 other than vacant or landlord-tenant?
link offered of no value.
my sister is the co-personal rep. for the estate and with me being the sole beneficiary of the house, she won’t allow me to be the tenant since there would be an argument over who pays the bills, the estate or the tenant. Whether I live there or not as a tenant, the bills will be basically be the same but she does not see it that way. So, it looks 100% likely we have to go with the vacant policy. Formost is about the same premium as our current company but they have a lower deductable. My sister is rich so “cheaper” doesn’t fly with her. We’ll surely go with out current agency.
Resolved Question: I’m renting my house out and now my insurance company won’t cover me!?
Our house has been vacant and on the market for 5 months with no bites. We have a neighbor who wants to rent it, and then possibly buy it when she has saved up some cash.
Problem is, my homeowners insurance company will not give me a landlord policy if my house is still for sale.
Any suggestions?
Thanks, Taxi!
I have a contract with the realtor until July 1. Is it ok to pull it from the market? Is there any penalty?
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