Need insurance on home after buying house from auction occupied

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Need insurance on home after buying house from auction occupied

Chase Mcduffie
..., GA · Member since 2014 · 18 posts · 3 votes

I wasn’t aware that NREIG wasn’t insuring these types of homes anymore.  Does anybody have any recommendations.

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  • Jason BottPro Member
    Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
    3y

    @Chase Mcduffie will you be taking title on the day of the auction?

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  • John Mocker
    Insurance Agent · Norwalk, CT · Member since 2016 · 2k+ posts · 1k+ votes
    3y

    Chase,

    Jason's question is very important.  If you take title, then there are many markets.  The correct coverage will depend on who will be occupying (owner/Tenant) and if anything is being done to the property (renovation).   If you do not take title but have an interest (ie. Mortgagee/leinholder) a policy may be able to be written in the owners name but listing you based on your interest.  

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  • Chase Mcduffie
    OP
    ..., GA · Member since 2014 · 18 posts · 3 votes
    3y
    Quote from @John Mocker:

    Chase,

    Jason's question is very important.  If you take title, then there are many markets.  The correct coverage will depend on who will be occupying (owner/Tenant) and if anything is being done to the property (renovation).   If you do not take title but have an interest (ie. Mortgagee/leinholder) a policy may be able to be written in the owners name but listing you based on your interest.  


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  • Chase Mcduffie
    OP
    ..., GA · Member since 2014 · 18 posts · 3 votes
    3y
    Quote from @Chase Mcduffie:
    Quote from @John Mocker:

    Chase,

    Jason's question is very important.  If you take title, then there are many markets.  The correct coverage will depend on who will be occupying (owner/Tenant) and if anything is being done to the property (renovation).   If you do not take title but have an interest (ie. Mortgagee/leinholder) a policy may be able to be written in the owners name but listing you based on your interest.  



     House has already been purchased at auction.  Title takes typically 30-60 days after auction date to be recorded with the county

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  • John Mocker
    Insurance Agent · Norwalk, CT · Member since 2016 · 2k+ posts · 1k+ votes
    3y

    Chase,

    If you have the documents showing the purchase, you may be able to insure it now under your name (or the entity you purchased it with...ie LLC, corp, etc.). Ask what date will show when they do record the transfer of ownership (if it will be the date of sale or the date it is recorded). If you can't find out or are unsure of the date, you may, at a minimum, want to extend Liability from your homeowners (if it will be owned in your name) or see if you can add Liability for it to another policy in the same ownership (LLC, Corp, etc.). The cost for that coverage, even if it is unneeded would not be expensive for the 30-60 days. The better option is to insure the property on a Dwelling Fire or Commercial form to cover both the Building and the Liability but if that is not available at least try to get Liability coverage

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  • Courtney UrbanekBusiness Member
    Specialist · Kansas City, MO · Member since 2022 · 36 posts · 7 votes
    3y

    Chase, we apologize for the inconvenience. This is likely due to an unknown wiring type in the home, and we are temporarily unable to write coverage where the wiring is not known. We are working on a solution and appreciate your patience.

    National Real Estate Insurance Group4.2255 Reviews
    WebsiteView Page
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