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| *The Commerce Journal>>>Insurance |
I just baught a fixer upper and need home insurance? |
Does anyone know any good insurance company for fixer uppers? The home need alot of work and I need insurance on it. Thanks If it needs a lot of work, you're probably looking at either your state FAIR plan (ask your agent) or Foremost insurance - www.foremost.com. Call an independent insurance agent that handles homeowners' insurance. Homeowner policies are individual, depending on what you need exactly. And they must all comply with federal regulations, regardless of what company you go with. what are you using the home for? are you living in it? if so you need a homeowners policy. is it vacant and you are renovating to sell? if so, you need to write a vacant dwelling policy. is it being rented out? if so you need a landlord policy. call a local independent agent, let them know what the situation is, and htey can find you exactly what you need. It depends on the extent of the repairs you are doing and where you live currently. If the repairs are mostly cosmetic and you are planning to live in the home, you should be able to find an insurer, although due to the condition of the home the rates may be substantial. If the repairs are mostly cosmetic and no one is going to live in the home, then you will need a Vacant Dwelling policy. If the repairs involve some minor or major demolition work (i.e. removing drywalls, redoing subfloors, structural work, etc.) you will need a Course of Construction policy. Speak to a local agent/broker to better discuss which type of policy will best fit your needs. Why not let an insurance broker do the shopping for you? A broker works with several companies and can find the best rates and coverage. To find a broker, log on to a website like http://www.homeownerswiz.com and fill out a form requesting a free quote. Your information will be sent to a broker in your area who will contact you. Good luck! |
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