Did you know that if you change the ownership, title, occupancy or use of a home that you have insured, you have a limited amount of time to notify your insurance company and failure to do so can result in your coverage being suspended?
The conditions section of many home insurance policies says that if the insurance company has not been notified within sixty (60) days of any change of ownership, title, use or owner occupancy including:
- The rental of the “residence premises”;
- The Vacancy or abandonment of the “residence premises” or
- The use of the “residence premises” for any purpose other than a residential unit
that any loss occurring from the 61 day after such change to the date proper notice is given will be excluded from coverage.
What does that mean?
This means that if you change a primary residence to a second home or rental property you have 60 days to notify your insurance company. If you fail to notify your insurance company and if the house burns down on the 61st day, there is a chance that your claim would be denied.
What are some other common situations?
We also see this situation played out in estate situations where the insured is deceased and the home is vacant or unoccupied but the representative of the estate continues to pay the deceased individuals home insurance without notifying the insurance company that the home is vacant or unoccupied.
Bottom line – if the ownership, title, use or occupancy changes on a home you own or represent, call the insurance company straightaway to ensure you’re adequately covered.
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