All Forum Posts by: Justin Adams

Thank you both for the ideas. I'm working with someone now to investigate options and I should have those today. I'm not sure if I intend on getting more properties in this bad of shape, but definitely fixer-uppers where I may want liability-only options. We'll see what magic my insurance guy can do, and how much I want/need to shift away from USAA.

Sharon, what would be the benefit to having the liability coverage separate from my home policy?

That is what was recommended to me by an insurance agent my realtor got me in touch with, but USAA (all my current insurance policies) has a policy that only allows extending liability coverage to vacant lots, vacant being explicitly defined as having no structures and no inhabitants.

I'm working with that same agent now to look into options that would likely move some or all of my insurance policies over to a new company that's willing to work with me like a human being. Which is unfortunate, since I really like USAA, but them not working with me here is a deal-breaker.

And thank you for the luck! I'll surely need it.

This is my first post here, so please be gentle if I'm messing anything up! I'm entering the world of real estate investing with a 200-year-old fixer-upper triplex that has some foundation shifting going on. Nothing that can't be fixed, and it's not falling down tomorrow, but so far I can't find any insurance companies that will insure it.

Not a huge deal; with the price I'm paying, it could fall over and I wouldn't care that much! What concerns me is liability coverage. According to them, my primary residence homeowner's insurance liability coverage cannot be extended to cover the new property because there is a structure on the property, and an umbrella policy, apparently, will also not apply to a property with (a) no liability coverage of its own and (b) an existing structure.

What are my options for getting liability coverage on this property while I fix it up? We're talking about maybe 3 months until I can just get normal rental-property insurance, but during that time it will be vacant and have LOTS of contractors in there, so I don't want to be sitting with no coverage if something happens. This can't be the first time this has happened!

Thanks in advance!