Overview of the Program From Insurance Markets Agency, Inc.
Insurance Markets Agency, Inc. offers a dedicated vacant buildings insurance program designed for agents placing residential, commercial and light industrial properties that are vacant, bank-owned, or otherwise unoccupied. The program supports short-term placements with flexible 3, 6, 9 and 12 month policy terms that may be written monoline or as a package. Policies are placed on a non-admitted/surplus lines basis and underwritten with an A.M. Best A++ carrier.
Ideal Accounts and Appetite
This program is positioned for accounts where a standard admitted market is not available or where a short-term vacancy solution is required. Typical fits include:
- Vacant single-family homes, townhomes and condos
- Multi-family buildings sitting vacant between tenants
- Foreclosed or bank-owned residential and small commercial properties (applicant must not be the party in foreclosure)
- Light commercial and industrial buildings temporarily off-line (storage, small warehouses)
Coverage Highlights and Advantages
- No limit on length of vacancy — the policy can remain in force beyond traditional vacancy thresholds
- Replacement Cost and Special Perils coverage options available for buildings under 25 years old
- 3, 6, 9 and 12 month terms with the ability to extend coverage by endorsement
- Coverage for properties that have been foreclosed on, provided the applicant is not the party in foreclosure
- Low minimum premiums and competitive reduced rates to help place accounts that otherwise would be unmarketable
- Placement through an A.M. Best A++ rated carrier
Underwriting Notes and Minimum Premiums
Underwriting considers the property’s exposure: security, protection from freezing, prior loss history, condition of roof and utilities, and any evidence of vandalism or prior arson. Replacement cost and broader peril options are generally available for newer buildings (under 25 years). Minimum premiums vary by risk and state—contact Insurance Markets Agency, Inc. for current minimums and rating guidelines.
Territories and Placement
This vacant buildings program is available in NJ and PA and is placed on a non-admitted (surplus lines) basis. Because placement and filing rules differ by state, agents should follow surplus lines procedures and consult their broker of record or surplus lines broker as needed.
Why Work With Insurance Markets Agency, Inc.?
As a managing general agency focused on specialty placements, Insurance Markets Agency, Inc. provides underwriting expertise, flexible short-term terms and access to a top-rated carrier for accounts other markets often decline. The program is structured to help you place challenging vacant exposures quickly, with straightforward quoting for varying term lengths and endorsement options to extend coverage while a property is being prepared for sale or re-occupancy.
Example account scenarios
- You have a client who owns a foreclosed single-family rental that will remain empty while title issues are resolved — this program can provide short-term protection while the property is marketed for sale.
- A small warehouse is vacant while the tenant search continues; the owner needs a 6-month policy with replacement cost coverage — the program can write monoline coverage with an endorsement to extend if needed.
For quoting, underwriting guidelines, or to submit a risk, contact Insurance Markets Agency, Inc. at 570-586-1471.