If a home is unoccupied does the insurance rates jump up? & Should the insurance company be notify ?
The house is going to be list for mart.
Answers:
technically, yes , you should notify the company, but if you do, they will increase the rate- or worse- drop your coverage- because an un-ocuppied house is more dangerous to insure beacuse it is un-ocuppied and could be trashed by vandal or whatever-- the thing i would do-on a practical argument is nothing- i have sold and bought 3 homes over the ending 5 or 6 yrs- primary residences- due to job change etc. and have told the companies nothing- because the realtor told me they could increase my rate, or worse they could revoke your coverage, since they dont want to insure an un-ocuppied home- this seems to be true- i did not want to find out the knotty way- reagardless of what is legal or not- on their factor or mine- AS A PRACTICAL MATTER- DO NOTHING- DO NOT TELL THE INS CO ANYTHING- JUST LIST THE HOUSE FOR SALE AND WHEN ITS SOLD- GO THROUGH YOUR CLOSING- TRUST ME- I AM AN ETHICAL PERSON- YET IN THIS CASE IF YOU CALL THE INS CO- YOU WILL JUST CREATE PROBLEMS FOR YOURSELF--- I AM A RETIRED INDEPENDENT INSURANCE BROKER,& CFP, & CPA, & LUTCF- TRUST ME- I KNOW WHAT I SPEAK OF- TALK TO YOUR REALTOR TO DOUBLE CHECK IF YOU WANT TO- GOOD LUCK TO YOU !!!!!!!
Other Answers:
Yes to both questions..........
The insurance rate should not progress up as you already paid for the per annum period. But you should notify to the insurance company.
notify your agent ASAP. It depends on the company and type of policy you currently have.
the insurance rate would step up because you would need a different charitable of policy. most homeowners policies will non renew or discontinue the policy should they find out the property is vacant. you can buy a vacant home policy but they are terrifically expensive. if the home is to sell contained by the near adjectives, i would not advise my company. but if it will be unfilled for an extended amount of time it would be best to inform the ins co. if there be to be a claim while the property was unfilled and that was discovered during the claims investigation they may not honor the claim.