Home floating on a life preserverMany experts have already claimed that this will be the year the housing market finally makes a full recovery. In fact, the spring and summer months are the most active for those working in the real estate industry. But despite this, there are many homes in the country that have yet to be rented or sold. And all of these vacant properties can pose a significant insurance risk.

Investment Property Purchases

Purchasing a property for the purpose of having an investment can certainly be of benefit. But what if that property stands empty for several years due to intermittent occupation? In this case, the risk is significantly lower when the property has insurance coverage. However, not all losses may be covered by the policy.

For example, if the property as an external air conditioning unit that is vandalized or stolen, the property owner will not likely be reimbursed for this loss. This is because of the fact that the aforementioned home was not occupied at the time the damage or theft occurred.

What Insurance Companies Need

When a property is vacant, the only way to keep it protected against damage, theft or vandalism is to have a separate policy specifically meant for vacant properties. While not all insurance companies will offer this, many do.

But even this can have its caveats. Vacant property policies usually cost more in premiums than traditional property insurance. As well, they may have additional restrictions. This is because of the heightened vulnerability of a vacant home. Damage done to a vacant property can mean that the property goes an extended amount of time without repair, which can lead to further and therefore costlier damage.

Understanding the Role of Insurance Claim Adjusters

Many who want to file an insurance claim feel that it’s the job of a Florida public adjuster to get them a settlement, regardless of whether or not exclusions occur on their policy for vacant properties. But insurance claim adjusters must follow the rules.

The role of the public adjuster is to communicate a policy’s terms and exclusions clearly so that property owners understand them. Insurance claim adjusters are also there to communicate the extent of damage to insurance companies. Acting as a liaison, an adjuster can expedite the process of getting a claim settled. This is because they know the industry inside and out.

An insurance claim adjuster can also bring hope where there appears to be done. There have been many cases where ambiguous definitions have resulted in the owner of vacant property being awarded for damage on their vacant property.

Getting More Information Is Easy

It’s simple to find a Florida public adjuster. But finding a professional may require more than one call or visit to a web site. Ensure that any adjuster will do the job you pay them to do by asking about their qualifications and references, along with any previous vacant property claims that were successful. Our over 50 years of experience can help you understand all of your property insurance claims.

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Leonard Pisciotto, Jr. is the Owner of Equitable Public Adjusters & Appraisers, and Licensed as a Public Adjuster by the State of Florida.He has over 10 years of handling claims for one of the largest insurance companies in Florida, has Developed and managed a claims office of 20 Claim Adjusters.In addition, Mr. Pisciotto, Jr. is a Claims law graduate and Stetson University graduate.