Boardwalk Insurance Group | Auto, Home, Commercial, Life and Health Insurance for Residents and Companies in the United States

CAT | Vacant Property Insurance

Boardwalk Insurance Has Homeowner’s Insurance 4.33/5 (86.67%) 6 votes

Purchasing and owning a home is considered a milestone achievement in everyone’s life.  The amount of investment involved in purchasing and maintaining a home makes protecting it from loss an expensive proposition.  Thankfully, homeowners insurance can be taken out on your property, giving you peace of mind that you are protected from many types of loss and will be able to recover.

Homeowners insurance is a broad type of insurance that covers pretty much any type of dwelling where a person lives.  There are many different options providing protection from varying types of hazards.  The cost of homeowners insurance is determined by the value of the property, the type of coverage, and any additional riders, or insured property, attached to the homeowners insurance.  There are other factors, mostly relating to how likely damage appears possible.  If your home is closer to a fire station or has hurricane shutters in a hurricane prone area, the cost of getting homeowners insurance decreases.

Unless you plan on buying your house outright, you will need to take out a mortgage.  Mortgage lenders always require homeowners insurance, so even if you were trying to get around getting homeowners insurance, you will need it until your home is paid off.  Which type of homeowners insurance is taken out is up to the new homeowner and can be adapted to many different situations.  Basic homeowners insurance provides coverage from 11 perils that are specifically listed in the homeowners insurance policy.  The perils are pretty basic, however they are common sources of damage and include fire, wind and hail damage, vandalism, theft, and other causes of damage.  A broader version of homeowners insurance adds an additional 6 perils to the original 11.  Like basic homeowners insurance, this expanded homeowners insurance only protects from listed perils.  The broadest forms of homeowners insurance name excluded perils instead of protected perils.  These homeowners insurance policies are the most comprehensive and most expensive due to the broad range of coverage.

For those that rent property instead of own, there is a form of tenant homeowners insurance that protects personal property with the same amount of coverage as regular homeowners insurance, however it does not need the structural coverage, which should be covered by the building’s owner.  Similar to tenant homeowners insurance, condominium homeowners insurance has reduced coverage for the structure but protects the personal property inside like regular homeowners insurance.  The last “special case” homeowners insurance available is called “Modified Coverage” homeowners insurance.  This type of homeowners insurance is for properties where the replacement value exceeds the market value.  This is great for unique properties that are custom designed with one of-a-kind fixtures or older properties where some of the structural features are no longer available or cost prohibitive to produce.

Homeowners insurance is extremely important to protect your property.  However, many insurance providers offer homeowners insurance, and finding the best one for you and your property can take a lot of time and effort.  Partnering with an independent insurance agency allows you to sit back while your agent does the shopping for you.  Through their affiliated insurance providers, independent insurance agencies have the ability to shop around for the best homeowners insurance for you and your property.

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Boardwalk Has Information on Homeowners Insurance 4.75/5 (95.00%) 4 votes

Homes are important investments that can open the door to many other possibilities.  The purchase and ownership of a home allows you to use it as collateral for loans and is generally regarded as a major milestone in one’s life.  Homeowners insurance is the best way to protect such an important property and ensure you are not left in the cold in the event of an unforeseen disaster.

Homeowners insurance has about as many different options as there are different types of properties.  They come in several broad types of policies, ranging from a very basic, minimum coverage homeowners insurance policy to special homeowners insurance policies for older homes and rental properties.  Just as each home has its own unique features, each homeowners insurance policy must be tailor fit to the property it is protecting.

To help sort through the details, this blog will overview the major types of homeowners insurance policies.  Having some information is important when it comes to looking for the best homeowners insurance policy for your property so the insurance agent can build the most cost effective homeowners insurance policy and make sure the policy covers all the hazards that the homeowner wants.  The basic homeowners insurance policy, the HO1 policy, covers only a limited number of listed hazards specifically listed in the homeowners insurance policy.  However, it is generally the cheapest type of homeowners insurance where the home belongs to the policy holder (the exception being renter’s insurance, or HO4 insurance).  The basic homeowners insurance policy can have specific hazards covered through additional add-on policies, such as flood insurance (flood insurance is rarely included in homeowners insurance) to provide additional protection.  An expanded form of homeowners insurance is the HO2 policy, which adds on several more hazards that are covered, however like the HO1 homeowners insurance policy, only the named hazards are the ones that the policy will protect against.

The HO3 homeowners insurance policy is typically the most comprehensive form of homeowners insurance applied to single family homes.  While covered hazards are still named in the homeowners insurance policy, the list is very long, protecting from nearly every potential hazard that is not covered in a special insurance policy (such as earthquakes and floods).  For property owners, the HO5 is the next homeowners insurance policy, and instead of naming covered hazards, names excluded hazards.  Basically, if the cause of the damage is not listed in the homeowners insurance policy, it is covered by the homeowners insurance policy.

The basic homeowners insurance policies can afford varying degrees of protection for varying costs.  Other special types of homeowners insurance policies can also be adapted to special situations, such as renters insurance, condominium insurance, or insurance for older homes, where the replacement cost exceeds the property value.  Sorting through all these homeowners insurance options can be a difficult task, however an independent insurance agency can use its connections with many different insurance providers to do the shopping for you.

Mobile Home Park Insurance 4.33/5 (86.67%) 3 votes

Owners of mobile home parks lease land to mobile home owners so that they can hook up their home and have somewhere to stay.  Like many other owners of property with tenants, they need insurance to protect them from any property damage or financial liability.

Mobile home park insurance gives property owners an essential level of protection.  Mobile home park insurance includes both property and liability protection from many different perils and situations.

Coverage Features:

  • No liability deductible
  • Assault or Battery coverage is provided at full limits for most accounts
  • Blanket Additional Insured coverage provided for no additional charge
  • No Animal Exclusion used unless prior animal loss history
  • Expanded definition of bodily injury to include sickness or disease caused by mental anguish or emotional distress
  • Full coverage provided for Mobile Home Parks with swimming pools, playgrounds or sport courts
  • Hostile Fire Exception to Pollution Exclusion

Liability Features:

  • Comprehensive coverage via an ISO Commercial General Liability coverage form
  • Liability limits available up to $1,000,000/$2,000,000
  • Additional limits up to $5,000,000 available through our Commercial Umbrella and Excess General Liability products
  • No Liability deductible
  • Blanket Additional Insured coverage provided for no additional charge
  • Coverage for owned units leased to tenants
  • Expanded definition of Bodily Injury to include Sickness or Disease caused by Mental Anguish or Emotional Distress
  • Pollution Exclusion to include Hostile Fire exception

Credits available when:

  • No owned mobile homes rented to tenants
  • No dogs permitted on premises and stipulated within lease agreement
  • Community property owner or manager lives on premises
  • Criminal background checks performed on all potential residents
  • No swimming pool or playground on premises

Property Features:

  • Value Plus-property enhancement endorsement providing 15 optional coverages
  • Equipment Breakdown – Includes free boiler inspection if required in your jurisdiction
  • Special cause of loss and replacement cost coverage is available
  • Older buildings are acceptable with a Functional Building Valuation Endorsement
  • Property Limits up to $1,500,000 available
  • All permanent structures (non-mobile home) can be schedule to policy

Why do you need to purchase a mobile home park product?

  • A tenant’s dog bites a neighboring tenant causing bodily injury
  • Injured claimant alleges park rules and guidelines regarding dogs were not enforced or regulated
  • A guest to the premises falls and sustains a fractured hip

Mobile home park insurance is an essential form of protection that is important to preserve the property owner’s business.

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Why You Need to Have Insurance on Your Vacant Property 4.80/5 (96.00%) 5 votes

Your property is empty, no tenants, and you are not using it.  You consider dropping the insurance on the property since the policy is so expensive and treats the property like it is occupied.  In addition, insuring a vacant property under standard homeowners insurance could be a violation of the terms of the policy.

Regardless of whether a property is occupied or not, insurance is still important to protect your investment in the property.  Vacant property insurance protects from many of the same perils as property insurance written for occupied properties without the same costs associated with insurance written for occupied properties.  Vacant property insurance protects from fires, storm damage (from wind, hail, and lightning), and damage from vehicles.  Optional coverage includes premises liability, vandalism, and other mischief.  Vacant property insurance can also be written for short and long-term periods, making it flexible enough that the owner is not paying for unneeded insurance when new tenants sign a lease.

Product Features:

  • 3, 6, 9 or 12 month Policy Term
  • Package or Monoline
  • Residential & Commercial
  • Buildings undergoing repair may be eligible
  • Special from and replacement Cost is available
  • No restrictions or Length of Vacancy

 

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Insurance for Vacant Buildings 4.50/5 (90.00%) 6 votes

Vacant buildings still need insurance.  Vacant buildings are subject to many of the same perils that occupied buildings are exposed to.  Vacant building property insurance provides coverage for vacant buildings without having to pay for insurance that covers them like occupied buildings.

Property insurance for vacant buildings can cover a wide variety of properties.  However, since the status of vacant buildings could change at a moment’s notice, property insurance for vacant buildings is a more flexible and adaptable insurance policy than standard insurance for the building.

We can help you with your vacant building risks. With our in-house binding authority we have the ability to place these risks. Some common scenarios include:

  • A vacant 1-4 family dwelling that is up for sale
  • A vacant single family dwelling that is undergoing renovations before the owner will move in
  • A vacant condo whose former occupant is now in a nursing home

Flexible terms and coverage:

  • Policy terms are flexible with 3,6,9 and 12 month terms available
  • There is no limit on how long the structure has been vacant
  • Can also write contents up to $250,000
  • Renovations can also be considered

Coverage is available for other structures on the premises such as a detached garage

  • We have the availability to quote excess coverage up to $5 million limit
  • Minimum earner premium is only 25 percent

WE CAN QUOTE VACANT LAND OR LAND LEASED TO OTHERS INCLUDING ANIMAL GRAZING

 

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Insurance for Homeowners Associations 4.75/5 (95.00%) 4 votes

Homeowners associations regulate communities to keep them looking respectable as well as foster the relations of the residents.  While they may be considered a thorn in the side of some residents, they exist for the overall betterment of the community.  Even an organization like a homeowners association needs insurance to protect their property.

Insurance for homeowners associations is imperative to protect homeowners associations from the unexpected.  Many homeowners associations host events and own property, and the protection afforded by insurance for homeowners associations can save them if an unfortunate, destructive event occurs.

Insurance for homeowners associations includes more comprehensive property coverage. Now the product offers Blanket Agreed Value coverage on property exposures such as fences, pools, signs and other non-building property for no additional premium!

This feature, combined with other competitive advantages for property, general liability and professional liability, makes this package product a great choice.

Some additional coverage features that enhance this package product include:

- Low, competitive minimum premiums

- Property manager/management company automatically included as additional insured

- Lifetime occurrence reporting provision protects former directors and officers

- Defense costs are outside the limit of liability

- Breach of contract coverage provided

- Employment practices liability coverage included with directors and officers coverage

- Hired and non-owned auto liability can be included

- Crime and umbrella coverage available

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Commercial and Residential Building Renovation Insurance Coverage 4.75/5 (95.00%) 4 votes

Renovation can be cheaper than tearing down and building a new structure from scratch.  However properties undergoing renovation can be dangerous.  There are many tools and potentially hazardous chemicals on the property that can cause significant damage if someone is in the wrong place at the wrong time.

Renovation insurance protects the property while it is still being worked on.  Renovation insurance is a form of property insurance, protecting from losses caused by many hazards, such as fire, smoke, vandalism, lightning, and explosion.  While the company completing the renovations is trusted to work as safely as possible, potential hazards still exist, making renovation insurance extremely important as the property is being improved.

WHY IS IT IMPORTANT TO HAVE BUILDING RENOVATION COVERAGE? HERE ARE POTENTIAL LOSS SCENARIOS:

•     Damage by fire

•     Smoke damage

•     Damage caused by vandalism or malicious mischief

•     Lightning striking your building

•     Loss due to explosion

 

THE FOLLOWING ARE IMPORTANT TO HAVE IN A POLICY:

COVERAGE AND PRODUCT FEATURES:

•     Coverage for partially occupied building available

•     Contact within 24 hours of claim to report by adjuster

•     Coverage for additions that do not involve load bearing members of building

•     Replacement cost coverage for new construction portion of the project

•     Coverage can be written for the full term of the project

•     Product flexibility offering either Basic or Special Form

•     Replacement Cost Valuation is standard on the new construction work

•     Project can be written for the full duration of the construction project

•     Rate structure contemplates new construction work being added gradually to the existing building

LIMITS:

•     Up to $3,000,000 per location in PC 1-8

•     Up to $1,000,000 per location in protections class 9-10

*Limits of up to $500,000 per location excluding wind and hail in coastal areas

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Single or Multi Family Dwelling Insurance Coverage 3.75/5 (75.00%) 8 votes

A place to live is one of the largest and most important investments a family can make.  It is important to protect the investment, and one of the best ways is through insurance.

Single or multi family dwelling insurance coverage can protect your investment from damages and also cover other tenants on the property.  The appeal of single or multi family dwelling insurance coverage is the flexibility that comes with the insurance policy, including the ability to classify the property as both owner occupied and as a rental property.

PRODUCT FEATURES:

  • Coverage available as
  1. Monoline Liability
  2. Monoline Property
  3. Package

LIABILITY FEATURES:

  • Credit provided for owner occupied 2-4 family locations
  • Ability to consider locations rented on a seasonal or timeshare basis
  • Ability to consider mobile homes as dwellings
  • Up to $25,000 medical expense limit available
  • Risks with boat docks or slips can be considered
  • No Liability Deductible

Limits Available (up to)

  • $1,000,000 Per Occurrence/$2,000,000 aggregate
  • Commercial Umbrella available up to $5,000,000
  • Hired and non owned auto available in most states

PROPERTY FEATURES:

  • Both Special and Basic Form available
  • Replacement Cost Coverage available
  • Business Income/Rental Value
  • Owner’s Contents Coverage
  • Equipment Breakdown Coverage
  • Available in Protection Class 1-8
  • Ability to consider locations in hail and tornado prone areas (special deductible may apply)
  • Coverage can be provided for a property that is under renovation

Limits Available (up to)

  • $1,000,000 for Commercial Lines
  • Coastal Areas
  • Limits of up to $500,000 per location
  • Wind and hail excluded

COVERAGE FEATURES:

  • General Liability that expands the definition of Bodily Injury to include mental anguish or emotional distress with no deductible
  • Personal Injury coverage
  • Special Cause of Loss available
  • Loss of Income coverage
  • Functional Building cost available
  • No Classification Limitation Endorsement
  • Special (DP-3) and Basic Form (DP-1) are available
  • Available for 2-4 family owner occupied dwellings
  • Available for 1-4 family tenant occupied dwellings
  • No mandatory roof exclusion
  • Actual Cash Value Roof Endorsement available
  • Comprehensive Personal Liability Coverage is optional
  • Name Insured can be a Trust, Estate, Limited Partnership or Family Partnership
  • Modified Functional Replacement Cost available

Dwellings in coastal areas are eligible

 

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Liability and Property Insurance Quote for Vacant Buildings 4.00/5 (80.00%) 2 votes

If you own or manage properties and some are vacant, insurance is still important to protect you from risk, losses, or claims.  Liability and property insurance for your vacant buildings cover can keep your assets safe and secure.

Finding the best coverage for your property can take time, but using an independent insurance agency like Boardwalk Insurance Group will save you time and money while they shop around for you.  For your convenience, Boardwalk Insurance Group has several locations and is licensed in over half the United States.  Boardwalk Insurance Group can get quotes for most policies in 24 hours or less.

Quick Quotes for Vacant Buildings

Eligible Risks

•     Commercial

•     Residential

•     All Protection Classes

Offering

•     Multiple Markets

•     $1/$2 Million General Liability Limits

•     $5 Million Property Limits

(Higher limits available)

•     Annual, 6 Month or 3 Month Available

•     Replacement Cost for Select Risks

•     Very Competitive Rates

If you need a quote on liability and property insurance for your vacant properties contact Boardwalk Insurance Group today.  Our friendly and knowledgeable representatives are standing by to assist.

 

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Hello to Alabama Residents and Business Owners. Your Insurance Agent Has Arrived! 4.00/5 (80.00%) 3 votes

To all residents and business owners in the great state of Alabama, Boardwalk Insurance Group is proud to announce that we are now licensed in your state in order to serve you with better insurance products and services.  Our agency is licensed in over 25 states and we’ve been helping people all across the country not only save money on their insurance needs, but we’ve also provided them with better coverages to adequately protect them from financial loss.

We’ve seen a growing interest from your state in the recent months so management made the decision to take the leap to get licensed in Alabama for both personal lines and commercial property and casualty insurance products.

So if you are looking for auto insurance, home insurance, rental property insurance, commercial general liability insurance, commercial property insurance or virtually any other kind of insurance product for business owners, we are you go-to insurance agency.

We specialize in many products through our large network of insurance companies and brokers.  If your rates have recently increased or you are having a tough time getting the coverages your business requires, contact us and let us show you the Boardwalk difference.  Our agents and customer service representatives are friendly and knowledgeable and we use state-of-the-art technology to shop for your coverage quote and manage you as a client.

So, thanks in advance to the great residents of Alabama.  We hope to become a leading provider of insurance in your state in the coming months and years.

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