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This digital document is an article from Risk & Insurance, published by Axon Group on June 1, 2004. The length of the article is 1021 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
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As a second home owner in Ireland you may be at risk of losing your home insurance coverage if you leave your properties empty for a significant amount of time.
Figures published by the Irish Independent and compiled by the Irish Brokers Association, reveals worrying trends that may result in residents being unable to claim for repairs to their property. The study highlighted the number of homes that are currently left empty for several months as owners are unable to find tenants or holidaymakers to live in them temporarily. This may be the result of fewer people choosing to take breaks due to the impact of the recession on their finances. The research shows that the number of unoccupied homes in Ireland has soared to 350,000 since 2002, where this figure was just 140,000.
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If you think about the risk to the insurer, it’s easy to understand why a vacant home policy will offer insurance coverage that is more expensive. Looking at fire for example, if a fire occurs when someone is in the house, the fire department can be called and a total loss can be limited to a partial loss or a small loss. If no one is in the home, a total loss cannot be prevented.
There are many other examples, with the most common being a water leak or washer hose break. The amount of damage caused by running water for 7 hours (the amount of time before the owner returned from work for example) and 17 days (the next scheduled visit from your neighbor to look in on an empty home) is enormous, with the latter being a several hundred thousand dollar claim, as all the walls will be infested with mold. In order to repair a house that has had water running for several weeks, will take several weeks to over a month, with most of the drywall having to be stripped off the studs because of potentially toxic mold. The mold and mildew in the house needs to be treated and killed as well by a specialist before the new drywall can be put back in place.
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This digital document is an article from Risk & Insurance, published by Thomson Gale on August 1, 2005. The length of the article is 1290 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
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This digital document is an article from Risk & Insurance, published by Axon Group on April 16, 2001. The length of the article is 860 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
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This digital document is an article from Journal of Risk and Insurance, published by American Risk and Insurance Association, Inc. on September 1, 2004. The length of the article is 636 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
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This digital document is an article from Entrepreneur, published by Entrepreneur Media, Inc. on June 1, 2003. The length of the article is 695 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
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This digital document is an article from Journal of Risk and Insurance, published by American Risk and Insurance Association, Inc. on March 1, 2009. The length of the article is 10601 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.
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