Vacant Homeowners - Need a Carrier

[robb01]

I have a vacant house that I'm trying to place, the only carrier I have that will take it is going to be at ~5k a year for it. The replacement cost is almost 560k, and it was built in 1880 which is bringing up some concerns from carriers. Anyone know of a good place to go with this risk?

 

[CaptiveGuy]

My first choices would be American Modern and Foremost. I know the client may be shocked at the price but the big captives and indy preferred companies aren't touching a vacant home. Some agents would say it's seasonal or tenant occupied to lower the rate but the client is screwed when it's time to file a claim.

 

[djs]

Just curious, what state is this in? Illinois?

1880, vacant and over $500K might be a challenge. I may have carriers in CA (have to check about all 3 of these), but not in Illinois.

Dan

 

[robb01]

My first choices would be American Modern and Foremost. I know the client may be shocked at the price but the big captives and indy preferred companies aren't touching a vacant home. Some agents would say it's seasonal or tenant occupied to lower the rate but the client is screwed when it's time to file a claim.

Foremost is the carrier that will take it.
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Just curious, what state is this in? Illinois?

1880, vacant and over $500K might be a challenge. I may have carriers in CA (have to check about all 3 of these), but not in Illinois.

Dan

Yes, Illinois. It is a challenge

 

[Guest]

vacantexpress.com

maybe american summit

 

[jmr30183]

I have a vacant house that I'm trying to place, the only carrier I have that will take it is going to be at ~5k a year for it. The replacement cost is almost 560k, and it was built in 1880 which is bringing up some concerns from carriers. Anyone know of a good place to go with this risk?

If the property is in good condition and the utilities have been updated to modern standards, Scottsdale & Lloyd's would both write this risk here in Georgia. You may want to contact a Surplus Lines Broker in your state to determine if either (or both) might be an option for you...

 

[andins]

Ok, give me a call at 877-472-4523 i'm also in Illinois. This is a common problem in Northern Illinois these days.

Dan

 

[Soaringagent]

Another vote for Foremost maybe

 

[AZInsurance1]

5K is reasonable for a 500K home.

 

[moneymaker1]

Go with Foremost. $5K does seem like a lot and write Foremost all the time. If the home is paid for you can write it for market value vs. replacement cost, which will help keep the premium cost down.