Leaving on vacation? What you don’t know CAN (and will) hurt you!

 
I was recently teaching in Ottawa for the Accredited Senior Agent Society. Part of the course
discusses how the Insurance industry deals, or more specifically, DOES NOT deal with vacant properties,
such as an estate property.  Most insurance companies DO NOT extend coverage beyond 60 days
without HEFTY premiums - IF AT ALL!  Further, there are usually requirements pertaining to the property
being inspected every day or two!  In many cases, THIS ALSO APPLIES WHEN YOU LEAVE ON VACATION! 
Many policies insist the homeowner notify the Insurer, in writing, if they will be away for more than 15
days and that someone be responsible to check out the property on a continuous and regular basis.

 

While we are on the subject of what can cancel your policy, additions or alterations to the premises,
without agreement from the Insurer, could leave you without coverage due to such things as adding a
second kitchen, etc.  I had a client some years ago that had a small fire in the home (approx $1,500
in damage).  When the inspector for the Insurer inspected the property, he noted that the homeowner
had added a “heatalator” type insert into the fireplace.  The Insurer refused to pay as because there
was a second, non-authorized heating unit created - nullifying their policy!  If the entire house burned
to the ground, they were uninsured!!  (By the way, this also applies to modifications to vehicles too!) 

If you have questions, CALL OR EMAIL ME and I will put you in touch with a great Insurance Broker!

Comment balloon 2 commentsRick Sergison • July 10 2012 06:44AM

Comments

The details in the policy can stun you...A person usually finds out about them after the fact too

Posted by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty ) over 7 years ago

Rick, great advice. Know lots of retirees that take extended vacations - really need to ensure someone is checking on their home. Regards Dave

Posted by David Grbich, Orange County Real Estate - 949-500-0484 (Realty One Group - www.FindCARealEstate.com) over 7 years ago

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