Insurance contracts are pretty much set from year-to-year. The terms, conditions, exclusions, and coverage grants are what they are.
, policy terms, conditions, exclusions and coverage grants do change over the years - they are not set in stone forever. And the newer vacancy provisions
are a good example of this.
Landlord product has changed its vacancy provisions to reflect the standard New York Fire policy, which is considered the template of all insurance policies - and which most companies are now using. What has changed, in the vacancy provisions, is the suspension of Fire insurance coverage (if it is caused by vandalism) after the property has been vacant for over 60 days.
We have been advised that it is rare that this provision actually kicks in, as the fire must be the result of Vandalism or Malicious Mischief for this exclusion to affect the Fire insurance coverage. And, whenever your property is being remodeled or cosmetically upgraded, the "clock" is suspended and doesn't start up until the repairs are completed - and the 60-day countdown begins all over again.
Still, we advise that you keep aware of this issue as it could affect you insurance if your property is sitting vacant for over 60 days.
There are ways of addressing this issue; and if your property may be subject to being vacant near or over 60 days, call us whether or not you are insured with us. We may be able to help.
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