Getting a quote to insure a vacant building under renovation can be a lot of work. At April, you can get a vacant homes insurance quote very quickly with a few smart moves.
There are many requests for quotes on vacant buildings undergoing minor renovations. In fact, it’s the most common request at APRIL. Each vacant homes insurance quote is unique and meets a different set of specific needs. Insuring this kind of risk requires an in-depth, personalized review.
A request for quotes is never sent alone
“We do have guidelines, but each risk is treated on a case-by-case basis. There are so many factors to take into account – from analyzing a financial situation to studying the neighborhood!” says Conal Fitzgibbon, Residential Underwriting Assistant at APRIL Canada.
“At APRIL Canada, we send a renovation questionnaire to be returned to us with the RFQ so that we get as much information as possible on the renovation plans.”
Information, information, information… and not just any!
The more relevant information you provide with your requests, the faster we can process them. But what kind of information should you provide?
Conal Fitzgibbon is an assistant underwriter at April. He collects and processes RFQs for vacant buildings, so issuing quotes for brokers is something he does every day. Here are his guidelines.
If the request is for a building undergoing minor renovation, it’s helpful to send the following information to the insurer:
- Type of wiring (material)
- Type of technology and features of the electrical panel (fuses — circuit breakers — current)
- Type of plumbing
Why should insurance brokers provide these details?
Conal Fitzgibbon — It’s important for us to gather this information because the company can decline a risk if it doesn’t meet certain conditions. For example, at APRIL, wiring must be copper; we accept circuit-breaker panels, and fuses are rejected on a case-by-case basis. In addition, we use any details we get on, say, plumbing, to adjust the quote, based on the house’s age.
Evidence needed for Vacant Homes Insurance
It’s a good idea to attach photos of the house’s interior and the work to be done before you request a quote. Photos are very important for evaluating the risk of a vacant building. And photos are essential for issuing the policy.
“At APRIL, we ask that photos be submitted not more than five days after binding the risk. If the house is for sale, most of the time, we can view the interior if there’s an MLS (Multiple Listing Service) listing on line,” adds Fitzgibbon
What you should know
APRIL mainly offers protection for “designated risks” for minor renovations, regardless of the type of work. However, the company is also equipped to offer Multi-Risk (Extended Form) protection, subject to many factors surrounding the risk:
- Claims history
- Condition of the house
“Covering several risks on vacant buildings and residences is a pretty exceptional offer on the market. We can cover sewer backup, water damage, vandalism, and malicious acts, among other things,” Fitzgibbon explains.