Homeowners Insurance Companies Adjust to Holder Relocations
Homeowners Insurance Companies Adjust to Holder Relocations
Most homeowners insurance companies in the U.S. opt to cancel a client's policy if they found that the client is not occupying the property for which the insurance was acquired. However, the growing number of foreclosures and the increasing unemployment rates have resulted in more homeowners relocating to other places which means more policyholders are likely to lose their insurance if old rules are to be followed.
In an effort to cope with the changing times, a number of property insurance firms have made adjustments to their operations, including American Integrity Insurance Co. The firm recently launched a vacant home policy aimed at Florida customers whose policies have been terminated due to relocation. The huge number of relocating households resulted in record cancellations of policies and most insurance firms are privy to the detrimental impact this could have on their operations and on the housing market in general.
The introduction of American Integrity's vacant home policy has been welcomed by most homeowners, particularly those who plan on moving to another place and are in the process of selling their houses. Before the introduction of the company's policy, insurance coverage for vacant or empty houses is not offered by standard homeowners insurance companies in the state. The only option then was to look for specialty firms that often charge higher fees and premiums
According to American Integrity, the introduction of the new policy will fill a void in the Florida home insurance market. This will remove property owners' worries that the properties they are trying to sell will be left with no coverage at all. The company adds that the new policy will protect those properties that are left vacant while buyers are being sought. The introduction of the vacant house coverage is the company's way of adapting to changes in the housing market brought about by the huge supplies of foreclosures.
American Integrity Insurance is one of several homeowners insurance companies operating in Florida. It provides coverage for more than 90,000 Florida homeowners, including owners of manufactured houses. The latest addition to its range of services is considered fitting in a time when homeownership and economic uncertainties are prevalent in the region.