Unfinished or Renovation?
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I have gotten a variety of inquiries atFC & Slately regarding the distinction between construction and also renovation. Lots of people feel that if a residence is being extensively remodelled, then the policy exception specifying that a home being constructed is not vacant would use, which a home under renovation would certainly not be considered vacant. As an example, a current client inquired about an insured that bought a foreclosed home and obtained a non-owner-occupied policy on the residence. The home required substantial framing job, which the insured was completing while the residential or commercial property stood unoccupied. Although the insured was away from the facilities, the residential or commercial property was gotten into and also ruined. The carrier, nevertheless, rejected the loss because the property was vacant. The subscriber really felt that because the property was "incomplete," thenthe exemption should have used. But does it?
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