Buying or Selling a Home/Homeowner's insurance

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Expert: Jim Root - 1/13/2008


Question
Jim- If you purchase a home but are unable to live in it because of work relocation, can you still hold homeowner's insurance if the home is vacant?

Answer
CHRISTINE--

You should contact an Insurance Provider and/or the Office of your State's Insurance Commissioner to get an answer to your question that is accurate & appropriate to your specific situation and locale!

That said, however,let me add this: If you now own a home,are occupying it, have Homeowner's Insurance on it,
and are going to move & keep the property unoccupied, you should probably notify your Homeowner's Insurance Provider of the situation. If you don't and something happens to the unoccupied property, it's likely they can refuse to pay a claim! Further, it's quite probable that your current Provider of Homeowner's Insurance will keep your Policy in force but increase your Premiums to compensate for the greater risk! But,it's always possible they will cancel your Policy!

Vacant houses are S-O-O-O open to vandalism, theft, use as "temporary housing" by "unscrupulous" people, etc! Personally, I'd never leave a property I own vacant. If I planned to return to it someday, I'd rent it out. If not, I'd sell it!

Again, I'm not an Expert on Insurance matters, so I urge you to ask your question of one who has such Expertise! Good Luck--JIM

Buying or Selling a Home

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Jim Root

Expertise

How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!

Experience

Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!

Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).

Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.

Education/Credentials
Associate Degree in Real Estate Studies plus: Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years. Bachelors Degree in Mass Communications, Masters Degree in Education/Teaching

Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.

Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!

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