Insider's Insurance

1. Moving into a nursing home
2. Job relocation
3. Foreclosures
4. Rental properties
5. When a child occupies a parent’s home
6. When a parent occupies a child’s home
7. Divorce
8. Death of the insured
9. Transferring a home into a trust
10. Transferring a home into an LLC or Corporation
11. Seller remains after the closing
12. Seller moves out before closing
13. Buyer moves in or takes possession before closing
14. Buyer renovating the home before they move in
15. Homes under construction
16. Vacant and/or unoccupied homes

All of these scenarios represent situations where a person might not be occupying their residence. If that is the case, coverage for their home through a standard homeowners policy might be in jeopardy. Depending on the insurance company the home is insured through, the insurance company may have grounds for denying a claim based on the words, “where you reside.” These words are found in the language of most homeowners insurance policies.

The words, “where you reside,” refer to the person(s) who is named in the policy and the home they are occupying that is listed in the policy. When the named insured is living at the home listed in the policy there would be no question of coverage after a loss. However, if the named insured moves out of the home listed in the policy, for an extended period of time and does not inform their insurance company, there could be a battle when the named insured seeks coverage.

This entry was posted on Wednesday, February 17th, 2010 at 10:20 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.