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Updated over 5 years ago on . Most recent reply

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24
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8
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Mike Nichols
8
Votes |
24
Posts

Insurance for new property

Mike Nichols
Posted

We called a couple insurance companies about our property we bought at the tax auction. We are not able to get coverage even though we Will be forced to buy it even if it burns down between now and when we get to take possession of the property. 

Anyone ever get some kind of policy that has done this kind of purchase before? 

Auction date was 10/13, court date to accept our bid is 12/6, expect deed to be filled 12/9 at which time we can enter the property and start to make repairs. We put 20% down right now, will pay the rest on 12/6 in the form of a certified check. Insurance companies state they won’t cover unless the property will be occupied within 30 days. So we will get some insurance on 11/ 9, just like something in place before if possible. 

Thanks

Mike

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