Hazard Insurance On Vacant Properties...

I just obtained a rehab property (my first) that has been vacant (obviously). My insurance agent is unable to offer any fire insurance for the vacant property. He says insurance companies will not cover if the property has been vacant over 60 days. How do you guys get coverage for rehab properties? Please... need ideas.

Comments(6)

  • Tedjr11th December, 2003

    Call around and ask for builders risk policy. Should be able to find several that will give you a quote. Get at least 3 I have had quotes range from $300 for a year to $ 1500. Keep looking till you find a good rate. Most lenders and hard money guys want a policy before closing

    Good LUCK and HAPPY HOLIDAYS

    Hope this helps some

    Ted Jr

  • myfrogger11th December, 2003

    Yes you need builder's risk insurance. I've had a property that was vacant over a year with no problem.

  • GJB11th December, 2003

    My Farmers agent could not write a vacant property policy through Farmers but Farmers can write vacant and oddball stuff through a company called Foremost. If the property is not owner occupied policies can be spendy Im paying around $165 a month for a premium policy with vandalism coverage etc on a vacant property (higher risk).

  • norrist11th December, 2003

    I second the Foremost suggestion.

  • mbarikmo11th December, 2003

    I just got a policy through Foremost http://www.Insurance.com. It was a little pricey ($136 mo.) but they were the only ones I could find that would do it and I needed the policy to close the loan....

  • mbarikmo11th December, 2003

    That URL link should be www.foremostinsurance.com

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