Vacancy property insurance cancelled on foreclosure??
I bought a foreclosure property a few months ago with three houses on it. Two are rented and insured. The largest one is boarded up. I have a policy with Foremost for vacancy insurance and I just got a cancellation from them, saying it does not meet their "standards".
I am paying $2,900 a year with Foremost and I get cancelled? Really? That policy if N.O.O. rental is about $900 a year. This house is not that bad and not a ghetto; I have to replace a few missing roof shingles, fix some minor stucco cracks, replace the windows (18) so I can un-board it and do the interior updating so it can be rented. I will be doing the work over the next 4-6 months.
I thought vacancy policies were one of Foremost's specialties. Now, I'm looking for insurance again. I'm going to contact NREI / Affinity. I also know American Modern does these policies. Any other suggestions? Am I going to get cancelled in the future from these other companies as well? Thanks in advance!!