How the Real Estate Market Is Affecting Your Insureds
According to Zillow Research, more new home listings come on the market in spring than any other time of year. Buyers are most active after winter, and sellers benefit because real estate typically spends less time on the market and sells for the highest price.
On average, real estate listed for sale in the spring sells two weeks more quickly than in other seasons and costs an additional $2,500, according to The Motley Fool. As this busy real estate season quickly approaches, now is the time to get ready if your insureds plan to sell or buy property.
Sellers need to make certain that their investment is in the best shape for a favorable impression. Preparing real estate for sale can be a lot of work, including cleaning, decluttering and staging. In addition, selling real estate can be a lengthy and stressful process; however, finding the proper coverage for such an investment doesn’t have to be. USLI and Devon Park Specialty offer several products that can help your insureds!
Once property is ready to be listed for sale, look no further than our Vacant and Partially Vacant Building product! This product offers a solution for many types of vacant properties: 100 percent vacant buildings, more than 30 percent partially vacant buildings, and vacant leased space.
Some of our product and coverage features include:
- Vacant homes with fenced pools are eligible
- No maximum length of vacancy restriction
- Ability to provide liability coverage on buildings with up to 400,000 square feet
- Ability to provide property coverage up to $10 million
- Policy automatically includes vandalism coverage with the ability to exclude coverage for a credit – provides coverage for theft of copper on buildings with special coverage that are newer than 25 years
If buyers in the market are looking to purchase or lease new real estate space, there is a good chance they will be taking on a renovation project. Most new investments need more than just a few paint jobs and quick repairs. Our Construction and Premises Protective product can be a good fit for this.
Product features include:
- Coverage for residential or commercial construction projects
- Ability to consider accounts with structural renovations
- Ability to provide both premises liability coverage and coverage for the vicarious acts of the contractor
- For owners who will be renovating space or building a new home or place of business, we can consider up to $10 million in project costs
Selling and purchasing real estate is one of the biggest investments your insureds will make in their lifetime. As they plan for selling, renovating or building their investment, it’s essential to have the proper insurance coverage in place throughout the entire process.
Contact your Devon Park Specialty Commercial Lines Underwriter for more details about our product offerings.
As always, thank you for your support and business!
Contact Cheryl Ryan,
Executive Vice President, Division Leader | 844-438-6775 Ext. 2582
Written by Danielle Conner
March 7, 2019