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Updated over 5 years ago on . Most recent reply

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8
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Insurance on a property just purchased at Auction.com?

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Posted

Hello, my wife and I finally bought a property on today's auction in San Antonio, Texas. We are new to this but are happy to learn in the process. We bought the house with no mortgage nor loan on it and when we tried to get a homeowner's insurance through lemonade.com they said they do not insure homes without a mortgage. 

Our questions to crowdsource are:

1. Between today and when the deed arrives, are we already liable should lets say a fire take place? 

2. Any non-bureocratic home insurance recommendations for properties with no mortgages? 

Any insight is appreciated!

Bigger Pockets Podcast, thank you for bringing us to this point. 

Most Popular Reply

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Replied

Hello Todd and Lien, thank you so much for your insight! Will definitely continue to search. Geico did offer to insure but Auction.com told me it was one of the risks of buying foreclosed properties. Excited but nervous about this process lol. 

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