All Forum Posts by: Curtis H.

@Steve Babiak

Well hell I have them and didn't know they were that good! I should hear back tomorrow on the builder's risk policy for one month. That sounds like a plan.  

It seems like the general consensus is to leave the current plan in place (unless it sucks) and add my name and there shouldn't be any issues since I have POA. It may also be a lot easier this way because any new policy I get is going to want to have everything already updated and up to code, which is an issue since those renovations haven't happened yet. Does the insurance company ask or care about why I'm adding myself on the insurance? Is there a canned response you give them? One thing I am learning through this process, is sometimes companies will ask questions you don't have to answer, and giving info freely can get you in trouble. Who are you? What's your relation to the owner? Are you now living in the home? Etc.

I don't know what I don't know since this is my first Sub2.

@Kent Verge 

Yes I have a POA that was notarized at closing, so I am well covered there. So with that in mind, do you think I will have any issue adding my name to the policy and the bank not raising an eyebrow and calling the loan? From what I hear they could care less usually if it's getting paid. That would be MUCH easier to do, I just want to make sure it wouldn't be smarter to just distance myself from the previous owners and start fresh.

@Marshall Downs

I went to the site and realized I am using them for my rental properties in Austin already! They are pretty easy to deal with. I already asked them about a OO property in Socal.

I have electrical, plumbing, HVAC, pest control, chimney, etc coming in to do work, and I verified they are all licensed, bonded, and insured. I still don't like NOT having any policy in my name and people are scheduled to work on the home next week.

@Rocky V.

My only natural hesitation is if there is a claim of some sort, that they may contact the previous owner for any payout. Or am I looking at this wrong?

So I'm going to be updating electrical, plumbing, insulation, flooring, HVAC. This will take about 2 weeks. I'm going to be removing the old insurance policy and getting a new one (got home Sub2) but I'm confused on what policy to get. I'm going to be living in the home, but won't be in it during renovations. A builders policy seems to have multiple months as a minimum? Any advice is appreciated, I need to get started asap, but don't want to have any workers in the house until I get this squared away for liability reasons.

Curtis

@Rocky V.  and @Kerry Baird 

Question...

What type of insurance policy do you guys normally get when doing renovations? My issue is if I try to get a new policy now, they will come out and inspect the property and see the electrical needs updating, plumbing, etc. So they may not even insure in on a normal policy until these things are done. I don't want to get a builders policy for two weeks worth of work tops. Doesn't make sense. 

Thoughts?

@Hattie Dizmond 

There you are again! Thanks for the quick response. Typically does this take long to get put in place? I don't want to lose 2 weeks worth of rehab work screwing with insurance. But yeah, I need to get that going asap. Now the insurance hasn't been cancelled, but since the home is no longer in the previous owner's name, I'm guessing it's not worth the paper it's written on at this point?

Hi all, 

Just got a property Sub2 and want to start renovations next week. My question is do I need to have the homeowner insurance squared away before I start letting electricians and plumbers into the property? I would imagine if someone gets hurt on the job I am liable since I own the home now and did not have insurance in my name yet?

Also, when I call the new company and get the previous homeowners added as a secondary on my new policy, what do I NOT tell them? I don't want alarms to go off. Some times you don't know what you don't know. 

Curtis

These people are so unorganized, I'm pretty sure they won't have a declaration on them. Especially not while packing probably. I'll see what I can do in that regard. Thanks for the advice!

@Rocky V.

Thanks I will work on getting a new insurance policy. How do i even find out what insurance they are using? Is it on the mortgage statement? I guess I could just ask but I would rather not have to ask the bank anything, hoping it will all kind of slip under the radar. 

Also, when paying the mortgage every month, should I not be doing it under my name? Or just send the check and reference the loan number?

Hello all, 

I already have another post about this deal, so I won't get into the specifics. Basically I have the deed and it's closed. Sellers will be out in 3 days and I just want to make sure I get my checklist right of things I need to do now. I am going to be living in the home on this one :-)

I had them sign a POA so we should be square there. I know I need to change the insurance, but I need some advice there. I read somewhere that some people leave the previous owner's names on there as well as adding their own, and get insurance as if it were a landlord policy?

I know the previous owners can still call the bank, but what can they do? I have arrangements worked out with the bank that I don't want them screwing with, not that they would because they can't pay anything, but things change and they may want their house back if they come into a bunch of money somehow. I know that if I feel things are getting weird I can just Refi and not have the loan in their name at all, but we are not there yet. But I'm watching them closely. 

Right now I'm so focused on the 3 weeks I have to get the electrical, plumbing, etc done that I don't want to miss any housekeeping/logistical items on the checklist.