Why is it so hard to insure a vacant home?

At Great Lakes Insurance Group Agency aka GLIGA, we write insurance for a lot of vacant homes. I wanted to write about some of the diffuculties when looking for insurance on a vacant home.

The biggest reason is that when a home is vacant a very small problem can become a very large problem. Take for example a leaky sink. We wrote insurance for an apartment building and when the tenant moved out they did not turn the plumbing completely off on the second floor when they removed the appliances. The dripping was so slow it was almost unnoticeable but brought the ceiling down on the first floor and destroyed some cabinets. The lesson being that if no one is actively working on the property an a daily basis, a home can really accumulate some serious damage.

Another problem with a vacant home is vandalism or theft. A property left alone is prone to attract the wrong element expecially in a more urban area like Detroit. We have even had cases in Detroit where an investor will steal cabinets, plumbing, and other building materials for their own property. It's a horrible thing to say and do, but it happens. Also when copper was a hot comodity many homes were being stripped for and sold to salvage yards. We also had a insurance on a home that was used for a dog fighting arena because someone knew the property was vacant.

Many companies are not equipped or have the underwriters to properly rate and write insurance on a vacant property. There are a few companies that specialize in vacant home insurance and are offered by even fewer agents. The hard part is finding the insurance agent who knows the vacant insurance product and writes for the insurance company that will offer a fair and reasonable rate.

We have chosen to specialize in insurance for homes, landlords, and investment properties. We will even write insurance for a vacant property even while it is being rehabbed.

For advise or a quote please visit our website at http://www.getgliga.com or call us at 888-438-4544 and ask for Don.

Great Lakes Insurance Group Agency
The Insurance Specialists

http://myinsurancenerd.com