Home Owner's Insurance While Living Out of State
We’re going to be renting our house for 2 years. Since our home will be 100% rented, and we’ll be living out of state, it can no longer be considered our primary residence. How will this impact our homeowner’s insurance? Would it now be considered a commercial policy? Any particular insurance companies/plans to be recommended?…
We’re going to be renting our house for 2 years. Since our home will be 100% rented, and we’ll be living out of state, it can no longer be considered our primary residence.
How will this impact our homeowner’s insurance? Would it now be considered a commercial policy? Any particular insurance companies/plans to be recommended?
Anyone else out there have experience with this kind of scenario? I want to make sure my home is insured properly while we’re away but i don’t know where to start.
Many thanks!
Hi Hbranty,
This is Joe from Curran Cooney Penny Agency. I work in the commerical department at our office and can assist you with your rental property. If it is a Frame house then your options are limited but I can get you some quotes, but if it is Brick/brownstone and well kept/well maintained property than I can offer you some very competetive pricing. Please give me a call at 516 484-5200 and I will be glad to answer any questions you may have.
Thanks,
Joe
4:02 am here…
On the insurance agent for AIG, I use Lane McVicker you can look them up on the web…
Don’t know what Ysabelle is talking about:
1) I own the house, I’m renting it to others. I need homeowners they need renters
2) An umbrella policy has nothing to do with this. That’s a supplementary policy for excess and personal liability.
3:11 poster here again – I was informed that the agent who issued my policies at Liberty Mutual was promoted and was told to contact Brad Bennette at 212-391-1902. Good luck!
I was in a similar situation a few years back and Allstate decided to just drop me and said the reason was because I no longer lived in the premises they did not want to insure it.
I had a hard time finding an insurer who was extremely overpriced.
I now have all of my policies with Liberty Mutual and am very satisfied.
4:03am
What agent did you use for the AIG policy?
Thanks!
Heidi
For the future, if you own a residence and own a car you qualify for an umbrella policy from the same insurance company.
You will save a great deal of money.
The good news is it is also protects you if you are sued.
I think you are looking for a renters policy.
If that is the case you might get the policy from a different insurance company
I’m just doing the same thing. It’s horrible. I have AIG which is expensive to begin with but a good claims payer and I’m not messing with my coverage to save a couple of grand a year.
AIG charges a 25% vacancy premium if property is empty and the same 25% premium if rented to others.
Not pretty – but then again this is the company that now has it’s own private fire brigade servicing high risk areas in California – don’t think the Brownstone agency does that kind of thing!