Home insurance for a house damaged by fire
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I am interested in buying homeowners insurance for a house that has had significant fire damage. It is now vacant, but will be renovated and I also want to find out if I can get coverage while it’s being renovated too.”
Asked June 28, 2015
There are variations of homeowner’s policies that will cover most home insurance needs. Not only can you get coverage for a home you own or rent, you can also cover homes that are empty, used occasionally, or even under renovation.
Purchasing a policy for a home that was gutted by fire may not be possible. Fires do a tremendous amount of damage to the structure of the home, including the walls, roof, and floor. You may find an insurance company which is too willing to inspect the property for a limited policy, but if the damage is too extensive you may only be able to insure the other structures on the property. If the damage is minor, you will able to purchase vacant dwelling coverage until you are ready to get the construction underway.
Once the repair or renovation begins, you can buy a special policy expressly for buildings under construction. Any contractors working on the site should carry their own liability coverages, but you can insure the building and construction materials stored on the site while the work is in progress. This is a more expensive coverage than you would pay for a vacant home, but the risk of vandalism, theft, and liability claims is much higher for a structure under construction, and could still save you many thousands of dollars over the financial expense in one major liability claim.
When you begin to shop for a home insurance policy, use a website such as this one that represents multiple insurance companies. Independent insurance companies can offer you more choices for coverage, and often have lower rates because they can shop for the best price on your behalf through several companies. Get a free online insurance quote, and you can instantly see how it compares to other leading insurers.
Answered July 3, 2015 by Anonymous