How To Insure?
Just bought my first property in foreclosure sale. Great feeling! Anyway, here is the question:
Once the title is in my name, I need to get the sheriff dept. to serve the "writ of possession" to the tenents in the property - and that gives them 24 hours to get out.
I was wandering if you have any suggestion on how I can insure the place between the time the property is deeded to me and 2 - 3 days later when the tenents are out and I can get an inspector into the place? The insurance agents tell me that they will not insure the place till there is an inspection done.
What if the evicted tenents get royally pi..ed and decides to tare down the place??
Thanks for any feedback!
was it a short sale, or bank owned property. you didnt bring a binder to closing.
It was a foreclosure sale in the county court steps (not a short sale).
What did you mean "bring a binder to the closing"? I couldn't possibly get an insurance company to insure a place before I bid for it - or can I?
Thanks for any feedback.
I use a blanket ins binder just extend coverage for my new add[ Edited by Dreamin on Date 08/08/2003 ]
bear with my ignorance please!
My insurance agent tells me that no insurace company will give me insurance till there is an inspection of the house - and since I can't get the house inspected before its in my possession - I can't get insurance!
How do I get a blanket insurance binder like yours?
I am not sure where you are but obvoiusly your Ins agent isnt familiar with investment of property.
Here where I am : A blanket is like an unbrella policy. You can have several properties under one at a time. When I put a property undercontract or plan to purchase (i send the address & value to my Insr-can be the tax office appraisal report) he extends my coverage to the amount I need and the proprty is covered.
I try to keep the number of propties limited to each umbrella. Interview a few other ins companies (many be independants) and see what each and all will offer and/or what they know. You must I repeat must find one that is familair with umbrellas, insuraning mulitple property etc.....
My coverage is much cheaper too. Cuts down on my outgoing expenses.
[addsig]
You have been very helpful - thank you! I am in Florida, Tampa Bay.
If you are in this area - please drop me a few referrals on insurance companies!