In first-quarter 2013, there were just over 133 million housing units in America and 10.7% of them–more than 14.2 million–were vacant all year round, according to the U.S. Census Bureau.
A recent study by RealtyTrac found that 45% of those empty foreclosures didn't have a forwarding address. Florida leads the nation in vacant foreclosures, with 90,556. Illinois came in second with 31,668 empty distressed homes, followed by California with 28,821, and Ohio with 17,367 vacant properties.
Insurance vacant property can be a lucrative niche market for independent agents and brokers. We asked Diana Matalka, assistant vice president for American Modern Insurance Group's property products East region division, about the basics agents need to know about this coverage. Read her responses on the following pages.
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