Cornerstone Insurance Agency
Serving Georgia Families Since 1986
For A Quote Call Us At 770-413-0807
Why Are So Many Real Estate Investors and Homeowners Taking Such A Big Risk By Not Having The Right Kind of Insurance On Their Vacant Home?We are here to make sense of it for you.With our Vacant Home Dwelling Insurance Policy you can buy coverage for 1 month up to 24 months as long as you are actively trying to sell, renovate or rent your home. Policies can be paid monthly and premiums start at $75 a month depending on the coverage you select. Not having the right type of policy on your property can cost you in the long run. Insurance policies are contracts and property owners have a responsibility to notify the insurance company of any change is use of the property. Not doing so could result in denial of a claim if there is a loss. |
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Q. I am buying an investment property to renovate. The renovation should take about 60-90 days. What type of property insurance policy should I purchase?
A. Certain insurance company’s offer a policy specifically designed for vacant homes. Although the premium seems expensive compared to a regular landlord policy the policy will provide the appropriate coverage should there ever be a claim. A regular landlord insurance policy requires that the home be occupied within 30 days. Talk with your agent, tell them your plans and they will make the appropriate recommendation.
A. Certain insurance company’s offer a policy specifically designed for vacant homes. Although the premium seems expensive compared to a regular landlord policy the policy will provide the appropriate coverage should there ever be a claim. A regular landlord insurance policy requires that the home be occupied within 30 days. Talk with your agent, tell them your plans and they will make the appropriate recommendation.
Q. I am the executor of an estate and there was a home that was left as part of the estate. Should I notify the present insurance company that the insured died and that the house is now vacant?
A. Yes, call the agent or the company directly to make them aware of the situation. Most companies will keep the policy in force until the next renewal as long as the payment has been made. After that if the home is vacant you will need to get a vacant home policy.
Q. Should I insure my home for the purchase price or replacement cost?
A. Always insure your home for replacement cost if you want the best chance to rebuild a home as close in square footage and construction material as what you have. Replacement cost coverage provides coverage on the basis of full replacement cost without deduction for depreciation on any loss sustained, subject to the terms of the co-insurance clause. This coverage applies to both building and contents items as specified on the face of the policy.
Q. I am a tenant and I rent a house. Will my landlords insurance policy cover my personal property if the house burns down or another type of lose?
A. No. The landlord generally buys insurance coverage to protect his/her interest (i.e., the building, loss of rents, liability, etc.).You should consider buying renters insurance to protect your belongings. Check your contract with the landlord. The landlord may require you to carry specific limits of insurance for specific coverage’s. The landlord also may want to be named as an additional insured on your tenant policy.
Q. I am buying a house how can I tell if there has been claims filed against the property?
A. The consumer purchasing the home can obtain a CLUE report. CLUE stands for Comprehensive Loss Underwriting Exchange. It is a comprehensive database of personal property information relating mainly to insurance claims on private property.The typical CLUE report contains information about either an insured or a property. The key information on the report is the claims history of the individual or the property. This section includes a list of all claims made in the last 5 years. This report includes:
* Date of the claim
* Name of the insurance company involved
* Policy number, claim number, and address
* Cause of loss
* Amounts paid
* Status of the claim
* Name of the insured and the claimant.
KEY NOTE: The CLUE report details the "claim history" of a given consumer.Many consumers have been surprised to find that such history may include virtually any call made to an insurance representative regarding a loss, whether or not a claim for compensation is actually filed.
CLUE reports can only be obtained by an individual for the home or property he or she currently owns and resides in. The reports can be obtained from Choice Point over the web at www.choicetrust.com. Always check with your carrier or your agent
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To arrange for your Free, No-Risk and No-Obligation insurance comparison you can call our office at 770-413-0807 or just complete the contact request form by clicking here and we will get in touch with you
Licensed as a Georgia Independent Insurance Agents we are committed to providing you with great service and protection at affordable rates. We make YOU our number one priority. |
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