Posted by JPiper on December 22, 1999 at 13:19:36:
Good strategy if your house never burns down. If it does, good luck at collecting on a homeowners policy written on a vacant/rehab house.
JPiper
Rehabbers: Insurance on vacant houses…any recommendations? - Posted by Brian (AK)
Posted by Brian (AK) on December 21, 1999 at 16:32:22:
Rehabbers:
Can you recommend any carriers of insurance on vacant houses…any recommendations?
Brian
Re: Rehabbers: Insurance on vacant houses…any recommendations? - Posted by JPiper
Posted by JPiper on December 22, 1999 at 13:25:19:
My insurance broker recently placed a vacant house policy with Lloyd’s of London. Rather than looking for a company, you need to find a good broker who can place this type of coverage for you.
JPiper
Re: Rehabbers: Insurance on vacant houses…any recommendations? - Posted by Carmen_FL
Posted by Carmen_FL on December 22, 1999 at 10:55:05:
Here in Florida, there are at least 2 “investor” insurance companies, both which offer vacant-house insurance, including vandalism, but they are local, so I don’t know if they work out of state. I found them through the Investor associations. Why don’t you call some associations in your state (not necessarily your city), and ask them who their insurance “sponsors” are? They would certainly know. There’s a list of Investor Associations at the left of this web site.
Re: Rehabbers: Insurance on vacant houses…any recommendations? - Posted by Debby in Houston
Posted by Debby in Houston on December 22, 1999 at 09:50:16:
Call around and ask for “builders risk” insurance for the houses that need rehabbing. If I can, I get just 3 mos. It’s expensive, $400-800 here for 40-80K price house, but worth it to me. When it’s all fixed up if it hasn’t sold by the 3 mos. I get standard kind of insurance for non-owner occupied properties (called “Texas Dwelling Policy” here in TX) and get liability extended from my personal homeowners policy (liab. premium is just $8-12 when done this way). Many wealthy returns to you!
Re: Rehabbers: Insurance on vacant houses…any recommendations? - Posted by Johnny B
Posted by Johnny B on December 22, 1999 at 12:09:56:
I found that unlike a rehad policy, a homeonwers policy is prorated if you sell the house quickly and you can get a good portion of it back, while having more coverage for the short term.
-just FYI
Good Luck!