Insurance Problems
i am new to this,,, i am in escrow on my first light fixer,,,insurance companies do not want to carry the insurance unless it is a rental then it can only be vacant for 30 days ,,,if i put it in a corp i am forming they call it commercial and do not want to cover it,,,,i checked for general liability and am being told it will cost as much as a contractor (maybe 30,000 a year),,,,any ideas or info on insurance in calif for vacant and for general liability,,,thanks 
thanks for the info,,it is a single family,,,,upgrade the kitchen,,bath,,,paint type things,,,,no construction,,,
It sounds like you need a rehab policy with one of the carriers I mentioned. Check the web for info on their products in your area. Hope it helps!
Tim
thanks,,,,i just found out foremost does not cover in calif,,,will ck the others,,,,
Maybe check Zurich as well...
amig was verry helpfull they ran up a policy for me it was called a vacant dwelling policy,,,,little costly but i need it,,,,thanks again for the info and i will keep zurich in mind also for future,,,,
we didnt talk about a builders risk policy,,,i told them what i was doing and this appears to cover it,,,liability fire vandalism,,,when i talked to other brokers and told them i was thinking about starting a corp and buying and selling thru the corp they told me it was commercial and the premiums went way up possibly the same as a contractors policy which would be about 30,000 a year,,,
Greetings anger,
If I may offer my thoughts on this, the first thing I’d recommend is NOT trying to do it with your ex-boyfriend. I think you’re only asking for problems that way. If you really want it, and can do it by yourself, you’d be much better off in the long run.
However, you state that, “he does not want his name on the mortgage or deed (neither do I).” I’m a little confused with this. I can understand him not wanting to be obligated, if he’s not going to live there. But if you want the place, and you want to live there, why do you not want your name on it?
To answer your last question -- You would have to re-qualify based on your own financial merit. But just because it’s tight, doesn’t mean it can’t be done. If you really want it, go for it.
Just my 2 cents
Greetings anger,
I obviously misread your first post. Sorry about that.
You mention foreclosure. Is this a property in default that you’re trying to get? You said in your previous post that you have a 3/31 closing – is that a foreclosure sale date? Or, an option period you have?
Either way, keep in mind that if he signed and then quitclaimed to you, that would allow you to put title in just your name, but he would still be liable on the loan. A person can’t just take himself or herself off a loan.
Sorry, but I’m still a little confused (I guess it’s one of those days). But why would it take you 3 months to qualify? Would you have to sell your other house first? Insurance settlement? Regardless, you may want to try to get pre-qualified ASAP to keep this deal alive.
If you post a few more details, maybe someone can come up with a few options and ideas for you.