Homeowners Insurance Question
Hello. We are considering buying a property to fix-up and re-sell. It was ubilt in 1927, it has galvanized piping and older fuse boxes.
Has anybody been successful getting an insurance at a reasonable cost on a property like that?
I appreciate your help,
Alexander.
Never been a problem for me maybe $10.00 more a year. Normally I will upgrade after a while in my area 1500.00 for panel 200 amp upgrade and do own plumbing since they can out with pex pipe
I imagine it partly depends on the state you live in. In NC you can almost forget finding anyone who will give you insurance at all on a house that is over 50 years old, has fuses, and galvanized pipe unless it is owner occupied. I have done a nearly exhaustive search here and that includes having several independent agents look for me. You can sometimes find what you are looking for by having an independent agent look at companies that aren't licensed in your state. These can be large, solid companies that for various reasons are not licensed in your state. The agent can have you sign a waiver in which you acknowledge that you know that the company isn't licensed in the state and you give up your right to have the state pay you if the company turns out to be fraudulent. Discuss this all with a knowledgeble independent agent and they should be able to come up with something.
Where is the property?