I just bought a house over the summer which needs A LOT of repairs. I want to eventually use it as a rental property. My first insurance company dropped me a month ago because of petty things they complained about that had actually been repaired before I was dropped. They still dropped me because no one is living in the house.
The second company signed me up immediately a month ago, I was so relieved. My first policy hasn’t even been cancled yet and I get a notice in the mail that my 2nd policy will be cancelled a month later. They say my house is still old.
UGH!
I don’t know what to do. I guess I should just get dwelling insurance. Does anyone have suggestions of websites I can go to who can help me find a company that will insure older homes? Or where I can get decent dwelling insurance?
Posted by Ron (MD) on November 26, 2000 at 18:14:35:
Lora,
Look for an independent agent that represents Zurich Insurance. I pay $275-$300 per year to insure fixer-uppers I’m working on. This is a builders’ risk policy written with rehabbers/remodelers in mind.
Zurich is a very big name in the underwriting.But from my understanding they will not underwrite on rehabs.I beleive that falls under a vacancy policy.
I do stand to be corrected if anyone can tell me any different.