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Vacant Homeowner and Tenant Occupied Insurance

 

Coverage Information

Moving to a new country can be an exciting, wonderful opportunity. However it represents a complex decision, especially for people short on time. Insuring a vacant/tenant occupied home is a particularly troublesome aspect of any move. Whether your home is rented or remains vacant, you will find that your insurance needs are quite different than they were prior to going on assignment. 

In most jurisdictions domestic insurers are reluctant to cover vacant/tenant occupied dwellings. Often these insurers will either provide limited coverage or no coverage at all, thus creating the potential for a serious financial loss to the expatriate. Jacob Street has partnered with XN Financial®, a leading provider of global insurance that is keenly aware of this problem and as a result provides coverage for vacant principle or secondary dwellings owned by transferees.

Vacant Homeowner and Tenant Occupied Insurance are very different from a typical Home Owners policy.  The risks are much greater because will be away from the homeowner will not be residing in the insured property which causes greater opportunities for claims.  Many insurance programs do not offer the same level of coverage for a home that will be vacant or tenant occupied.  That’s not the case with Jacob Street.  We offer the same level of coverage and service a transferee would have with their homeowners policy.

 

Unique Advantages for Global Assignees

Peace of mind: The comfort of knowing your vacant home is properly insured with a coverage that is broader than most domestic insurers are willing to offer.

Ease: A web-enabled quoting and information system allowing you to procure insurance on a 24-hour, 7-day per week basis.

Coverage: Most domestic insurers will not renew risks for homes that are vacant/tenant occupied, particularly if the property owner is away on foreign assignment. We are keenly aware of this problem. As a result, we have partnered with a leading provider of worldwide coverage for vacant locations.

Claims Settlement: Our mandate to our clients is to settle claims as quickly and as fairly as possible. A claims unit is accessible from anywhere in the world, online, 24 hours a day, 7-day-per-week. Once the claim is settled and the final payment amount is determined, funds are wire transferred to the bank of your choice, wherever it is.

Stability: The combined resources of our partners working in tandem to safeguard your vacant/rented home against serious losses.

Our policy offers the following coverage features:

  • Our definition of "Dwelling" includes materials and supplies located on the residence premises.
  • 10% of the insured value of your dwelling is automatically extended to insure other structures located on the residence premises.
  • Our policy pays the costs incurred by you to protect your dwelling from further damage following a covered loss.
  • We will pay up to $ 500 for fire department service charges when the fire department is called to save or protect your dwelling.
  • You are insured for the breakage of glass or safety glazing material forming part of a covered building, storm door or storm window.
  • We insure you against suits brought for damages arising out of the ownership, maintenance or use of your vacant dwelling. This coverage also includes defense costs and medical expenses.

Loss Examples

  • Your domestic insurer refuses to provide "full coverage" for your vacant dwelling. Your home suffers a windstorm loss. Unfortunately, your domestic insurer had excluded this coverage. Now, not only are you responsible for the full cost of repairs to your home, but you must also contact a claims adjuster and tradespeople. Our partner’s policy would pay this loss subject to the terms and conditions of our wording and would appoint an adjuster and competent tradespeople to complete repairs on your home.
  • Your domestic insurer grants full protection to your home but as a consequence of its vacancy status, forces you to take a disproportionately high deductible. You suffer a substantial loss and find that your domestic insurer won't begin repair work until you pay the deductible. Our partner’s policy would pay this loss subject to the deductible you chose at the onset of the policy.
  • Your domestic insurer refuses to provide personal liability insurance on your vacant home. A neighbor's child accidentally injures himself on your property and you are sued for bodily injury. Our partner’s policy automatically includes personal liability insurance to cover your vacant home; included are legal defense costs and medical expenses for injured third parties.
  • While you are on foreign assignment, the renewal for your vacant home comes due and is mistakenly sent to your old address. Unknowingly, the premium remains unpaid and the policy is cancelled leaving you exposed to a variety of serious losses. Our partner’s program provides automatic online policy renewals and online credit card transaction capability, on a 24-hour, 7-day-per-week basis.

 

To see frequently asked questions click here https://www.xn.com/go/jacobstreet