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Hard to Insure Properties

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Vacant Property Insurance FAQ

1. What is the difference between unoccupied and vacant?
2. Does is cost more to insure a vacant home or property?
3. What is the best insurance for a vacant home or property?
4. What is the best way to insure vacant land?
5. Why is it hard to get insurance on a vacant house or building?

1. What is the difference between unoccupied and vacant?

1. Generally vacant has indicated unfurnished and not lived in or used. Unoccupied has the idea of being furnished and not used.

2. In insurance there is now generally no difference between vacant and unoccupied as far as premium goes.

3. A factor in how the insurers view the property also involves for how long does the property go unused.

2. Does is cost more to insure a vacant home or property?

1. That depends on additional factors related to the property.

1. Is this a home that you are going to occupy yourself within 60 days? Then there is usually no difference in price because we have insurers who will give you your homeowners insurance right up front. This saves you time and money. For this situation contact us and see our homeowners insurance page.

2. Is this a property that is purchased to fix up existing buildings and it will take 90 days or longer? Then you will be pleased that the cost of your insurance will likely be lower that the finished property insurance premium. There are many points considered in renovation projects insurance. For more details see our renovation insurance page.

3. Is the property going to be vacant for an undetermined time to be sold or awaiting some other use? Then the answer is yes. It will most likely cost you more for this type vacant property insurance. Don't be dismayed though. DRickard insurance has many insurance companies willing to provide vacant home or vacant property insurance to you. To find out more about the underwriting guidelines and find the right fit for you contact us.

3. What is the best insurance for a vacant home or property?

1. Many vacant property insurers do not offer liability coverage.

2. Change that up with DRickard Insurance. We have insurers that will often provide liability insurance for vacant building policies. You will want to see cowage listed for every building on the property also. Otherwise, the unlisted building(s) are probably is not covered. Insurance for vacant homes, buildings, and properties need to be carefully crafted. That is why you should make the call to DRickard Insurance.

4. What is the best way to insure vacant land?

1. Usually the most cost effective way to provide liability insurance protection to a parcel of land that has no betterments on it is to extend the coverage from another policy that has both property and liability coverage.

2. If your current insurer or agency is not helping you with this you should not just accept that answer. Instead, call us.

5. Why is it hard to get insurance on a vacant house or building?

1. Well, think about it. How do you pick out from a distance that a building is vacant? Isn't it broken windows, graffiti, debris, and evidence of trespass? These all cause high risk for bodily injury or property damage. Therefore, most insurers do not want to take on the risk. However, DRickard Insurance has gone to great trouble to find several insurers who are willing to competitively insure vacant properties. Contact us at 607-843-8860 or insurance@drickardinsurance.com to find out more.

2. The longer your property will be vacant the more likely you will be subject to trespass. Also, when you do not keep a close eye on your property, damage that could have been easily fixed becomes a hugely costly issue.

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