I’m Sorry, Your Insurance Doesn’t Cover That!

I’m Sorry, Your Insurance Doesn’t Cover That!

I learned a valuable lesson yesterday as did one of my Sacramento home sellers. You must be aware of the fine print in the insurance policies you hold! I have a listing that is ready to close tomorrow and at the buyers final walk through yesterday they walked into a bit of a disaster zone….broken windows, broken fences, missing water heaters, missing cabinets, cut up carpet, missing light fixtures, missing sinks, missing bathroom vanities and more. It seems that someone needed these items more than we did.

No problem, right? We can call the insurance company, they can take care of it, can’t they? That is why we pay for insurance right? For that one time something bad happens. WRONG! “I am sorry Mr. Seller, it says right here that if your property is vacant for more than 30 days you are not covered.”

WHAT?

Yep. What now?

Lesson learned, be careful of the fine print, make sure you know what your insurance policies cover. Don’t be caught off guard when some unfortunate event comes your way. If you are selling a home, please, be especially careful of vacancy clauses. A vacant property is a breeding ground for vandals, if at all possible, have someone living in the home as long as possible. Or at least have it alarmed, and please, review your insurance policies to make sure you aren’t left holding the pieces.