Involved In Real Estate · Chandler, AZ · Member since 2009 · 23 posts · 5 votes
Hey Everyone,
Just wanted to pick everyone's brain to see what my options are. I won a house on auction and sent payment in full to pay the auction result. The thing is they told me that it will take between 10-12 weeks to get the deed in my name. In that time am I able to get insurance on the house so in case anything happens to the house until I get the deed?
The house is in great condition but knowing winter is coming up, it's possible for someone to break into it and whatnot.
Just wanted to pick everyone's brain to see what my options are. I won a house on auction and sent payment in full to pay the auction result. The thing is they told me that it will take between 10-12 weeks to get the deed in my name. In that time am I able to get insurance on the house so in case anything happens to the house until I get the deed?
The house is in great condition but knowing winter is coming up, it's possible for someone to break into it and whatnot.
Thanks!
Yes you can get forced place insurance in the meantime. Ensure you specify it's vacant.
Insurance Agent · Norwalk, CT · Member since 2016 · 2k+ posts · 1k+ votes
2y
Curtis,
You should be able to get a vacant dwelling policy for this house (assuming it is not occupied). The issue is, whether or not you have an insurable interest in the building before you get the title. If this is just a delay to get the paperwork completed you probably have an insurable interest. If it is not a delay but a wait until they process the deed transfer you may not have an insurable interest. I would discuss it with your agent to see how the Insurance Company would respond in the event of a loss before you have an interest.