Insurance on unoccupied condo

[deee_wreck]

We moved out of the condo and into a house, and insurance company indicated they would only carry the coverage for 30days. After which no coverage was available on the condo.

Is there something out there for unoccupied insurance while the place is up for sale?

Would hate to have any thing happen and damages are not covered.

[Dave P]

Your insurance company is just fucking with you haha.

They probably mean more like after 30 days they will have to change coverages/pricing/deds as it is vacant.

[Xtrema]

If you own a Condo, your Condo fee should have insurance coverage for structure (fire/flood etc).

You are probably thinking about content coverage and since you have little contents left other than appliances, you probably don't need to worry about it.

If you do, I'm sure insurance company will gladly take $ from you ($150 or so) for 1 year worth of content coverage that you will only use for a month or 2.

[speedog]

Originally posted by Xtrema
If you own a Condo, your Condo fee should have insurance coverage for structure (fire/flood etc).

You are probably thinking about content coverage and since you have little contents left other than appliances, you probably don't need to worry about it.

If you do, I'm sure insurance company will gladly take $ from you ($150 or so) for 1 year worth of content coverage that you will only use for a month or 2.

But how does that cover the OP if his unit is the cause of any fire/etc that damages/destroys other units/etc?

And the condo association's insurance - would that cover your appliances or the interior of your condo if the structure were to burn down including your unit?

I really am curious because I've never owned a condo and I would expect that content coverage may not cover things like drapes, blinds, etc? Content coverage covers your personal belongings - is a stove or fridge considered a personal belonging?

[Masked Bandit]

Originally posted by Xtrema
If you own a Condo, your Condo fee should have insurance coverage for structure (fire/flood etc).

You are probably thinking about content coverage and since you have little contents left other than appliances, you probably don't need to worry about it.

If you do, I'm sure insurance company will gladly take $ from you ($150 or so) for 1 year worth of content coverage that you will only use for a month or 2.

Soooooooo much wrong in this statement.

OP, if you have a broker they should be able to find an alternate vendor for you after the 30 days. Assuming you have your home & auto insurance combined your broker should be able to get your company to extend coverage for at least three months, albeit for an additional fee. Vacant properties are something insurance companies don't like. Is your plan to rent the place out or is it that you just haven't been able to sell it yet?

[gwill]

When I sold my one condo my insurance company changed it from renters insurance to a different type due to it being empty... It was a non hassle. I'm surprised other companies would be so difficult to deal with.

[deee_wreck]

Originally posted by Masked Bandit


Soooooooo much wrong in this statement.

OP, if you have a broker they should be able to find an alternate vendor for you after the 30 days. Assuming you have your home & auto insurance combined your broker should be able to get your company to extend coverage for at least three months, albeit for an additional fee. Vacant properties are something insurance companies don't like. Is your plan to rent the place out or is it that you just haven't been able to sell it yet?

Yes its up for sale and preference is to sell, with the market the way it is now i'm guessing it'll sit for a while (since I don't want to lose on the investment, trying to break even)

My home and auto are separate, its was cheaper that way.
TD for car, and Unifund for home.

Thoughts?

[bball2]

I had unoccupied insurance on my condo while it was not rented out after the initial 30 days. The condo insurance would cover repair and fixing the place up in the event of a major incident, but the insurance would cover loss of rental income / provide sufficient money to cover the mortgage / condo fees / etc.

[deee_wreck]

Can someone recommend a insurance broker?

Calling Unifund insurance , they quoted a price more than if it was occupied and only covered fire.

[ExtraSlow]

The insurance broker that is a sponsor to Beyond.ca, and has also responded with helpful advice in this thread is a good place to start.

[Minimalist]

http://www.touchstoneinsurance.ca/, AKA Masked Bandit... I use him, it's been so long but I think it was a 20% saving over the former TD I was using AND Masked Bandit did all the work for me.

[Masked Bandit]

Originally posted by deee_wreck
Can someone recommend a insurance broker?

Calling Unifund insurance , they quoted a price more than if it was occupied and only covered fire.

Yep, that's par for the course.

You also should be careful on your wording, unoccupied and vacant are two completely different things in the world of insurance.

Unoccupied simply means nobody is home or you have temporarily moved out (maybe you're getting the floors redone and you have to stay in a hotel for a week).

Vacant means you have taken up residency elsewhere with no realistic expectation of living in the original location again. Keep in mind that leaving some furniture behind or having someone check on it daily doesn't cut it. If you're sleeping somewhere else at night on a go forward basis, your old place is vacant.

From what you've written in this thread, your condo is vacant.

Who did you insure your new residence with? That would be the easiest solution for the now vacant condo.

[msommers]

Another for Touchstone. Bill made it super simple for me to setup insurance on my rental condo.

Reminds me, an invoice came the other day :rofl: