Updated about 9 years ago on . Most recent reply
Homeowner Insurance Cancellation
Hello Members,
Hope all is well. I recently bought a SFR as an investment property which I'm going to make some immediate repairs to in order to reside here. FYI, roof leak, a couple of broken windows, partially collapsing porch, open foundation and damaged steps. I have started making such repairs, then I will finish repairs on the property over the next 18 months as cash becomes available on a monthly basis. This will be the savings per month that I have incurred from the purchase of this property.
The savings will be reinvested until the rehab is complete. I have had the property since Feb 17, 2017 and got it insured day of closing when they were informed that property would be vacant during initial rehab, we were to have sixty days to move in.
To make a long story short and spare you any more details, I received a notice today from my insurance provider that they are going to cancel coverage on this property in the next two weeks based on these items listed above for needed repairs.
In closing, I want to thank all of you in advance for any help, thoughts or advice that you can relay.
Regards,
Tony
Most Popular Reply
This is not the best insurance company for homeowners but they insure just about everything an investor can throw at them. They can probably insure you during the rehab and then you can look at getting insurance from somewhere else.