Real Estate Investor · Livonia, MI · Member since 2008 · 50 posts · 8 votes
Hello. I'm in the midst of closing my first deal and have hit a catch 22 issue. Since this is a buy & hold I'm using traditional financing. The bank requires the property to be insured. However the insurance company will not insure a vacant property (even though it is move in condition). Is there any way to get insurance on SFH without having a lease in place already? thanks in advance. -JQ
Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes
11y
Try to find a 'Builders risk' policy. That's for vacant dwellings. But you don't get it through those agencies, like state farm or all state. You'll likely have to find an independent agent, who will find one for you.
Once you have a tenant in, you can get a landlord policy.
Unless the property is ready to move in and won't be vacant long. Then I would just look for another insurance company.