Homeowners Insurance
It seems to be getting harder to get home insurance these days for investment houses sometimes i get insurance then when they view the house and see roof needs repair they drop. if the house is vacant they drop. My question is who do you guys like to use for home insurance and are you able to get insured immediatly upon buying a foreclosure that needs work? I here it is very dangerous to leave your self exposed after you buy a foreclosure you could potentially lose all your money if damage occurs to house, liablility, previous owner could burn the house down etc. any comments would be helpful thanks
I have learned (the hard way) to put a "Builders Risk" policy on any home I get that needs repairs. That policy generally runs 3 months. By then I should have repairs done and the home sold/rented/leased. A normal rental policy should then be easy.
Foremost, AMIG (American Modern) and Diamond States all have contracts that can apply in your situation. Find an Agent that reps them. Your local REIA-type group would be a good place to find a REI-savvy Agent...
Call around different lenders have different standards