Posted by MikeC-NJ on September 26, 2007 at 10:22:58:
Wm-Pa,
Can you get some type of commercial insurance policy that covers all of your properties? Good luck.
Mike
Landlord Policy - Posted by Wm-Pa
Posted by Wm-Pa on September 24, 2007 at 11:38:24:
I own a small row home that is next to a vacant house that is boarded up. My homeowners policy just went up to $775 for a 780 sqf 2/1. I have LLoyds of London as the insurer, as my primary insurer, AllState will not insure a property that is next to a vacant home. Does anyone out there know of a company that will insure (Landlord policy with liabilty and fire) in PA for a house next to a vacant home?
Thanks,
Wm-Pa
Re: Landlord Policy - Posted by Rich-CA
Posted by Rich-CA on September 25, 2007 at 20:07:13:
I assume you tried Farmers as well. That is who I have, and they do drive by checks once in a while.
Can you get hold of the City and see if they can force the owner to make the place habitable? I am certain the issue is not vacant, its the “boarded up” or abandoned look. These are called “attractive nuisances” and are well known to become drug houses etc. Perhaps if the City “motivated” the owner some, he’s be more willing to deal.
Re: Landlord Policy - Posted by Mark (SDCA)
Posted by Mark (SDCA) on September 25, 2007 at 09:32:12:
Wow. This is a wild policy. Means it is basically impossible to sell your house if you live next to a REO.
Re: Landlord Policy - Posted by Dave T
Posted by Dave T on September 25, 2007 at 08:29:05:
Is this a fairly recent policy change? I bought two condos last year and had no problem getting them insured with rental dwelling policies. At the time I bought, none of the units in an 8-uni8t building were occupied. The insurance agent never asked if the neighboring units were occupied or vacant.
As far as I know today, my units still have “unoccupied” neighbors. I think some were purchased as vacation homes and are only seasonally occupied.
Re: Landlord Policy - Posted by Sailor
Posted by Sailor on September 24, 2007 at 19:03:53:
Many insurance companies now require that you keep most/all your policies w/them. No more onsies & twosies.
Have you thought about making an offer on the vacant property?
Tye
Re: Landlord Policy - Posted by Carey_PA
Posted by Carey_PA on September 24, 2007 at 18:26:35:
I don’t know if he will or not as he just switched companies but try to give my guy a call (he sells Erie insurance now.)
Dennis Foglia: 267-784-3664
Tell him Carey Buck sent ya!
Good luck,
Carey_PA
Re: Landlord Policy - Posted by Wm-Pa
Posted by Wm-Pa on September 26, 2007 at 13:10:22:
Rich,
Tried the city route when I was cancelled by Allstate.
The vacant house would be put on a list and looked at.
That was 3 years ago and nothing has been done, called to follow up and all I got was “please be patient, there are a lot of properties that have to be looked at”. This is Philadelphia Pa and the city moves at a snails pace.
Re: Landlord Policy - Posted by Wm-Pa
Posted by Wm-Pa on September 25, 2007 at 12:39:56:
Dave,
I have 8 other policies with Alstate. In 2003 when I
opened this one up with Allstate, I got a letter 20 days later telling me they did a drive by and saw the windows boarded up on the house next to mine and they won’t write a policy like that. I talked to all the major insurance companies with the same results. I had several insurance brokers look into a policy with the only company writing these policies is LLoyds of London. I guess I am stuck with this until I pay off the house. 
Wm-Pa
Re: Landlord Policy - Posted by Wm-Pa
Posted by Wm-Pa on September 25, 2007 at 07:13:26:
Sailor,
I tried to buy the property, the owner owes $6k in taxes and water bills, the house needs at least 25K in rehab, the owner wants 7K on top of the back taxes and water. The house will only get $30-35k. No deal for me.
Thanks for the reply.
Re: Landlord Policy - Posted by Wm-Pa
Posted by Wm-Pa on September 25, 2007 at 07:24:36:
Hi Carey,
Thanks for the contact, I told him you gave me his # and he was very happy to hear your name! I got the same response from Dennis as I got from other insurance brokers, “Sorry, but no companies in the U.S. will cover your property as long as there is a vacant property next door”.
All investors beware, think twice before buying next to a vacant property…especialy when buying to hold and rent.
Carey thanks again,
Wm-Pa