Does insurance cover vandalism prior to moving in to a new home?
I hear stories of a previous home owner damaging the home because they are losing it, would home owners insurance cover the new homeowner?
Tags: Cover, home, home owners insurance moving in prior to closing, Insurance, moving, prior, vandalism, vandalism cover
Probably not – the new home owners insurance does not kick in until you settle, since you don’t own the house. What I would suggest is to time your settlement for mid- to late-afternoon and schedule a walk-through of the empty house for late morning or early afternoon (make sure that the previous owner is required to be moved out before the walk through and keys turned in to his/her real estate agent.
If the house has been vandalized, refuse to go through with the closing until the prior owner comes up with enough cash to fix the house..
This does not work with foreclosures (which is where you usually here about these stories) since the previous owner is the bank and the bank is selling as-is (which is why you need an upfront inspection).
No your policy begins the day of closing.
but you will know of any damage prior to making offer because former owners will be out by then.
Usually, you as the new homeowner would most likely have to an insurance policy in force effective the date that you are closing on the home.
Homeowners insurance will not cover vandalism on a new home purchase if your policy wasn’t in effect at the time when the damage occured. Even then, if the vandelism occured during that time, the coverage built into the policy may be very little, if not excluded in it’s entirety. Best way to know would be to call your current agent and just ask if that coverage is included in your policy and for what amount.
If the hosue is in your name at the time of the vandalism then yes it is covered. If you are not the owner then you will not have a policy for a house you don’t own it will have to be covered on the previous owners policy.
No, you can not claim anything that happened to the property before you took possession.
The current owners insurance would cover any damage.