My will not renew my policy because of condition of property despite only wanting brick and mortar coverage. the property is for sale and new owners only want the land.

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Nov 19, 2018

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Insurance Question from West Chester, PA

Asked on 11/19/2018

My will not renew my policy because of condition of property despite only wanting brick and mortar coverage. the property is for sale and new owners only want the land. It may take up to 2 years to close. I really need help. thank you

Answer given on December 22, 2018

property insurance, whether a homeowner or fire insurance, requires that the home be insured for its replacement cost or the cost to rebuild. It sounds like you are not interested in full coverage on your home, only what it might be worth to you. 

If you do not have a mortgage on the premises, you do not have to insure the home at all. You should obtain liability insurance for the premises, in case someone is injured on the property. If you have another insurance policy on other property, you can often “extend” liability to this property.  If that is not an option you will need to buy a separate liability policy for this location.

If you have a mortgage, it is unlikely the lender will allow you to not insure the structure since that is what they are lending the money on. You will then need to fix up the premises and obtain sufficient insurance on the home until you are able to sell it.

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