- 4,575
Guessing very basic lawyer fee greater than value of a 15 year old boarded up house. But in theory, agree with everything you said
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Is there Coverage for this? Home Torn down due to [Wrong Address?]
- Thread starter marindependent
- Start date
Guessing very basic lawyer fee greater than value of a 15 year old boarded up house. But in theory, agree with everything you said
- 2,623
The HO-3 that I referred to earlier does not have an occupancy exclusion, it has a vacancy exclusion that reads:
Vandalism and malicious mischief, and any ensuing loss caused by any intentional and wrongful act committed in the course of the vandalism or malicious mischief, if the dwelling has been vacant for more than 60 consecutive days immediately before the loss. A dwelling being constructed is not considered vacant;
The exclusion only applies to vandalism and malicious mischief, neither of which is what happened to the property.
And it is possible to insure a long term vacant dwelling for an appropriate premium.
Al3x Lee
Guru
- 952
That's a bold statement in October 2023 lol
- Thread starter
- #14
- 2,195
When I originally posted this it never occurred to me that the Question: Is there Coverage for This? House Torn Down due to [Wrong Address] had anything to do with a homeowners policy [HO3] for a property that had been vacant for 15 years.
I meant a Vacant property policy. I should have been more clear.
I meant a Vacant property policy. I should have been more clear.
- 4,575
Guessing someone without the money to un-board up a house to make it rentable or sell it wont have the $30,000-$50,000+ to insure it for 15 years under vacant home policy
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- 2,623
A vacant property policy for a home is likely to be written on a Dwelling Fire Policy - DP-1 Basic, DP-2 Broad, DP-3 Special, each with a vacancy permit attached to the policy.
DP-1 and DP-2 are Named Perils policies. Erroneous demolition of a dwelling is not a Named Peril and would not be covered.
DP-3, however, operates similarly to an HO-3 in that Perils are covered unless specifically excluded. Erroneous demolition of a dwelling is not specifically excluded and, therefore, would be covered by the DP-3.
Brandon Blood
New Member
- 9
Wouldn't the contractors builder risk policy cover the claim?
Al3x Lee
Guru
- 952
The contractor would probably need E&O to get this covered.
Brandon Blood
New Member
- 9
Hopefully he had at least a million in E&O! Still sounds like this one will end up in court...
- Thread starter
- #20
- 2,195
Have you come to expect builders to get builders risk insurance policies?
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