Has anyone had problems getting insurance on properties they have purchased through foreclosure?
My agent has told me it is very difficult to get a carrier to write a policy and, if they do, it would cost anywhere from $1500-$2500 in the Surplus market. If the house is vacant they won’t insure it at all.
I Appreciate any thoughts/comments.
Tom
Howdy Tom:
If you only have one agent you are screwed. You may need a builders risk policy if you are doing much const. One of my agents is with Farmers and they write a standard fire policy with a vacancy rider after I get them rehabbed and ready for sale. I bet you can get quotes at least 50% of the above numbers and even better. You may need to call a few. If they say no just ask if they know who can do it for you.
Hope this works for you.
Thank you Ted. I am calling around today for more quotes.
I appreciate your advice.
Tom
Howdy Tom:
I hope I get over this today but here goes. I am not a millionaire and but I am glad you appreciate my advice just the same. I hope it will save you some hastle and a few bucks. It may not make you a millionaire either but it cost you nothing and I hope it is worth more than you paid.
I do not want to put this disclaimer on all my posts can anyone help me get over it.
Ted,
Let me rephrase - I appreciate your “comments” and certainly would not misconstrue them to be legally binding. 
Again, thank you for reply. It was very informative.
Tom