Property insurance after closing but before moving??

Question

Anyone ran into this situation?  Insurance company won't issue my any kind of policy bc the house is vacant...not even a landlord policy or 2nd home policy.  Is it typical to just be without insurance during renovations before tenants or owner move in?  Or is there some kind of policy to cover you just in case something happens?

Aaron K. · Answer

@Miles Stanley it is not normal to not have insurance, most insurance companies have a different type of insurance if a property is going to be vacant for an extended period of time, if this insurance company doesn't offer that, then you need to find a different one that does.

Matt Moylan · Answer

@Miles Stanley what your insurance company should have told you is you need a builders risk policy.  Most companies have an option or two, but if you're not with an insurance broker, I would HIGHLY suggest you switching everything to a broker.

The broker will have more options and availability for you.

Mike McCarthy · Answer

My insurance company is fine as long as I move in (or have a tenant) within 30-60 days (depending on the policy). Some may not be as lenient.

Talk to your agent, there should be another policy they can help with. Depending on how long you’ll be renovating, you may need a builders risk policy.

You definitely want insurance. The mortgage company will force it, and I’m sure you don’t want to self-insure in the unlikely event of a catastrophic loss.

Property insurance after closing but before moving??

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