Does Anyone Write Vacant Property Insurance?
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.
Comments (9)
I called GLIGA a couple weeks ago in regards to vacant insurance but nobody ever called me back. Do you still write vacant insurance in Michigan? I am looking for a policy that covers water damage, as I am planning to leave the heat on but I have the old cast iron radiators/hot water heat.
Robert Smith, over 12 years ago
I'm sorry I haven't noticed this post before. If you are still looking for vacant home insurance please give us a call.
Donald Stevens, over 11 years ago
Thanks Mark, I would love to get the chance to earn your business.
Donald Stevens, over 13 years ago
I'm glad I stumbled upon this! I had a heck of a time getting a policy for a vacant house which I rehabbed in mid-Michigan. Eventually I found a carrier, but it was a chore, and the rates are extremely high. I'll keep you guys in mind for next time.
Mark Yuschak, about 14 years ago
Where is the condo?
Donald Stevens, over 14 years ago
I am trying to find insurance for my mother's vacant condo. She is living in assisted living and her condo is for sale. I need fire, theft and liability.
Donna Lappa, over 14 years ago
I purchase tax sale properties in TN that have been abondoned for usually 3-10 years. Most companies will not write insurance on these investment properties as it takes a while to virtually rehab the whole house. Sometimes a whole year in today economic conditions with my own funds. Thank you for this information.
Jim Wineinger, over 14 years ago
Yes we do. If I can be of any help, let me know.
Donald Stevens, over 14 years ago
Do you write policies in TX? Mobile home policies?
Jon Klaus, over 14 years ago