Aging Population Causing Thousands of Vacant Home Insurance Claims
An increase in the elderly population worldwide is leading to an increase in vacant home insurance claims due to death or transfer to a nursing home leaving the primary residence unoccupied and uninsurable.
Malvern, PA, April 26, 2009 --(PR.com)-- When aging parents are no longer able to live in their home and enter an assisted living facility, or when a parent suddenly passes away, it may take a family several months in order to make decisions on what to do with the home.
"From the moment the house becomes unoccupied, the clock starts ticking" says Pamela Weakland, AVP of Vacant Home Insurance Now (http://www.vacanthomeinsurancenow.com), a company whose only purpose is to find insurance solutions for homes and buildings that become empty, vacant, or unoccupied.
Pam goes on to say, "This is a very stressful and traumatic time for a family and considering the adequacy of the insurance policy quite honestly, may be the absolute last item on a very long list of things to do for the parent. A relative may find the insurance documents to make sure the insurance policy is paid up, but again, most people are not going to be aware that certain coverages can be lost or dropped if a home continues to be empty past a certain number of days. In most cases, it ranges from 30 days to 90 days."
For example, the insurer may not cover claims for vandalism if the house has been empty for over 30 days in some States and under some policies. Vandalism is typically the first peril that will not be covered in an unoccupied home. If families take 6 months or more before deciding what is to be done with the empty house, all insurance coverage has probably been lost on the house.
"We specialize in vacant home insurance policies and therefore help far more homeowners find coverage than a typical insurance company," said Mrs. Weakland. "It's because of our exposure to these types of claims that we are seeing an increase. The average insurance agency may stumble upon a few requests for insurance like this, definitely not enough requests or written policies to notice any percentage increase. We are definitely seeing an increase. Our goal has always been to help people find the best insurance coverage for their situation. With the increase in the aging population, we want people to be aware that homes become uninsurable if they are vacant for a period of time. Based on our observance in an increase in claims, we feel this could be a potential problem if home insurance companies don't notify their customers of the risks."
Vacant Home Insurance Now is currently working with homeowners associations nationwide and local municipalities to educate consumers on the insurance risks of leaving a home vacant.
About VHIN: Vacant Home Insurance Now is a leading provider of vacant property insurance -- insurance for homes that become vacant or unoccupied in the United States and in over 50 countries. The company is headquartered in Malvern, Pennsylvania. For additional information about our vacant home insurance policy please visit http://www.vacanthomeinsurancenow.com or call 1-800-301-5194.
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"From the moment the house becomes unoccupied, the clock starts ticking" says Pamela Weakland, AVP of Vacant Home Insurance Now (http://www.vacanthomeinsurancenow.com), a company whose only purpose is to find insurance solutions for homes and buildings that become empty, vacant, or unoccupied.
Pam goes on to say, "This is a very stressful and traumatic time for a family and considering the adequacy of the insurance policy quite honestly, may be the absolute last item on a very long list of things to do for the parent. A relative may find the insurance documents to make sure the insurance policy is paid up, but again, most people are not going to be aware that certain coverages can be lost or dropped if a home continues to be empty past a certain number of days. In most cases, it ranges from 30 days to 90 days."
For example, the insurer may not cover claims for vandalism if the house has been empty for over 30 days in some States and under some policies. Vandalism is typically the first peril that will not be covered in an unoccupied home. If families take 6 months or more before deciding what is to be done with the empty house, all insurance coverage has probably been lost on the house.
"We specialize in vacant home insurance policies and therefore help far more homeowners find coverage than a typical insurance company," said Mrs. Weakland. "It's because of our exposure to these types of claims that we are seeing an increase. The average insurance agency may stumble upon a few requests for insurance like this, definitely not enough requests or written policies to notice any percentage increase. We are definitely seeing an increase. Our goal has always been to help people find the best insurance coverage for their situation. With the increase in the aging population, we want people to be aware that homes become uninsurable if they are vacant for a period of time. Based on our observance in an increase in claims, we feel this could be a potential problem if home insurance companies don't notify their customers of the risks."
Vacant Home Insurance Now is currently working with homeowners associations nationwide and local municipalities to educate consumers on the insurance risks of leaving a home vacant.
About VHIN: Vacant Home Insurance Now is a leading provider of vacant property insurance -- insurance for homes that become vacant or unoccupied in the United States and in over 50 countries. The company is headquartered in Malvern, Pennsylvania. For additional information about our vacant home insurance policy please visit http://www.vacanthomeinsurancenow.com or call 1-800-301-5194.
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Contact
Vacant Home Insurance Now
Nicolas DAlleva
610-363-9271
http://www.vacanthomeinsurancenow.com
1053 Valley Hill Road
Malvern, PA 19355
Nicolas DAlleva
610-363-9271
http://www.vacanthomeinsurancenow.com
1053 Valley Hill Road
Malvern, PA 19355
Contact
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