Recommendations for Vacant and Unoccupied Insurance

Member since 2019 · 30 posts · 8 votes

My lender is requiring that I obtain Vacant insurance. Does anyone have any recommendations for where to find this for the greater Washington DC metro area? Specifically Prince George's County MD.

I have never heard of this type of insurance before but is there anything unique about it other than no one can live in the property for coverage to be effective? Is there an area where I can read more about the various insurance products that may come up concerning real estate transactions?

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Russell BrazilBusiness Member
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Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
1y
Quote from @Isaac Passmore:

My lender is requiring that I obtain Vacant insurance. Does anyone have any recommendations for where to find this for the greater Washington DC metro area? Specifically Prince George's County MD.
I have never heard of this type of insurance before but is there anything unique about it other than no one can live in the property for coverage to be effective? Is there an area where I can read more about the various insurance products that may come up concerning real estate transactions?

Try Mike Herson at Congressional Insurance Associates.
Yes if a property is vacant, standards homeowners policy will not pay any claims. Vacant property insurance is substantially more expensive than normal. Multiples of a regular policy.
[email protected]301-893-4635 Podcast Guest on Show #192
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- Isaac Passmore
  OP
  Member since 2019 · 30 posts · 8 votes
  1y
  Quote from @Russell Brazil:
  
  Quote from @Isaac Passmore:
  
  My lender is requiring that I obtain Vacant insurance. Does anyone have any recommendations for where to find this for the greater Washington DC metro area? Specifically Prince George's County MD.
  I have never heard of this type of insurance before but is there anything unique about it other than no one can live in the property for coverage to be effective? Is there an area where I can read more about the various insurance products that may come up concerning real estate transactions?
  
  Try Mike Herson at Congressional Insurance Associates.
  Yes if a property is vacant, standards homeowners policy will not pay any claims. Vacant property insurance is substantially more expensive than normal. Multiples of a regular policy.
  
  Thanks Russell, I've reached out to Mike. In a previous suggestion he was unable to help due to not knowing the age of the roof and inspections saying it was near the end of its expected life. That was for an owner occupied policy. With this new lender we'll see if Mike can make something work for a vacant policy.
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- Russell BrazilBusiness Member
  Moderator
  Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
  1y
  Quote from @Isaac Passmore:
  
  Quote from @Russell Brazil:
  
  Quote from @Isaac Passmore:
  
  My lender is requiring that I obtain Vacant insurance. Does anyone have any recommendations for where to find this for the greater Washington DC metro area? Specifically Prince George's County MD.
  I have never heard of this type of insurance before but is there anything unique about it other than no one can live in the property for coverage to be effective? Is there an area where I can read more about the various insurance products that may come up concerning real estate transactions?
  
  Try Mike Herson at Congressional Insurance Associates.
  Yes if a property is vacant, standards homeowners policy will not pay any claims. Vacant property insurance is substantially more expensive than normal. Multiples of a regular policy.
  
  Thanks Russell, I've reached out to Mike. In a previous suggestion he was unable to help due to not knowing the age of the roof and inspections saying it was near the end of its expected life. That was for an owner occupied policy. With this new lender we'll see if Mike can make something work for a vacant policy.
  
  Youre going to need to know the age of the roof on nearly every property. If an insurance company doesn't ask, they'll do a roof inspection post closing and just cancel your insurance if the roof is too old. SOP
  [email protected]301-893-4635 Podcast Guest on Show #192
  District Invest Group546 Reviews
  Website View Page
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