Personal Lines Coverage for Vacant Dwellings
People and industries all over the world are experiencing many changes and challenges as a result of COVID-19, and we’re likely to see this impact stretch through the remainder of this year and beyond. The domestic housing market in particular has shown us the extremes of supply and demand. As a result, fixer uppers have attracted a lot of interest over the past year, especially from first-time buyers.
As quarantines became commonplace and many Americans were forced to work from home, the need for more space was paramount. This helped drive home values to levels out of reach for younger buyers. These buyers were forced to pivot and buy less expensive homes in need of some repairs. As an example, the Instagram account Cheap Old Houses saw a follower increase from 75,000 to 1.6 million since the beginning of the pandemic. DIY renovation has become a new form of discretionary spending (Business Insider).
The construction supply chain has been affected as well. As construction and renovation projects run into delays due to supply shortages, homes may sit vacant longer. The U.S. is also experiencing some of the lowest mortgage rates in history, which is bringing more interest to the market (Mashvisor). Based on these trends, it is clear the market is strong for vacant dwellings both under renovations and intended for sale.
USLI has multiple products available to help you with your vacant homes, homes for sale and those undergoing renovations. These homes can be written in all entity types, and we offer the flexibility of 3-, 6-, 9- or 12-month policy terms, with no minimum earned premium, to provide your customer with the peace of mind and flexibility they need. Make USLI your home for your next vacant dwelling.
Want to learn more? Please join us for an upcoming webinar on the USLI Vacant product on Wednesday, September 15 at 11 a.m. Eastern time.
For more information, please contact your Personal Lines underwriter today.
Contact Dan Lewis
Underwriter | 888-523-5545, ext. 2626
Written by Cory Bennett
September 2, 2021