The Reality of Vacant Properties

The news is filled with stories about the unfortunate reality of vacant properties.

Homes and businesses alike are standing empty. Many owners may have purchased homeowners/dwelling or business insurance policies while the homes or businesses were occupied and now that there is a vacancy may have incorrectly assumed they are secure with that coverage in place.

Vacant or unoccupied property presents special challenges. The premium charged for occupied property does not take into consideration the increased exposure of vacant and/or unoccupied property. The insurance provided by most policies is limited, and may not respond at all if the property has been vacant for more than 60 consecutive days (prior to a loss)!

Many if not most insurance companies will cancel coverage immediately if they become aware of the vacancy. Even if the policy is not canceled there may be major problems in the event of a loss. The occupancy status is considered essential (material) to the insurance company. When the use and/or occupancy of a property changes many insurance companies no longer want to insure the property.

Depending on the policy and insurance company involved the entire policy may be void in the event of a vacancy or unoccupancy. There are, however, solutions. We pride ourselves on finding solutions for our clients. We must, however, be first made aware of the vacancy or occupancy. Please contact us if your property undergoes an occupancy change and we will help guide you through the necessary steps to obtain proper coverage.

Why I Believe In Insurance Agents – Charlene's Story

“A few years ago a fire ripped through our restaurant.  Everything we had worked so hard to create over the years was gone in an instant.  Our restaurant, our dreams, our livelihood.  Luckily our insurance agent was there before the tragedy.  He made sure we had the right coverage, the right protection, and was there to help us pickup our dream and move forward.”

– Charlene Cohen
wife, mother, small business owner

Thieves Stealing Third Row Seats from SUVs

The Dallas Morning News reports that a new crime wave is hitting the streets of Dallas.  Thieves are targeting the third row seats of SUVs.  The seats are designed to be easily removed for hauling cargo, and can be snapped back in.  The stolen seats, which cost around $1500 from dealers, are sold at swap meets at bargain prices.  Police advise SUV owners to park in garages and to tie the seats down with cables.