Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 3 years ago, 06/09/2021

User Stats

70
Posts
78
Votes
Brook Rieman
  • Rental Property Investor
  • Bloomington, IN
78
Votes |
70
Posts

Insurance being cancelled with tenant in place

Brook Rieman
  • Rental Property Investor
  • Bloomington, IN
Posted

We purchased a run down property last month for cash with intention of making it livable and renting it. There is a HUGE demand for rentals in the area and we had over 100 inquires by prospective tenants in a matter of days. We rehabbed the interior and got a tenant in place (lease started June 1). There are issues with the exterior (rotted wood around the windows, needs roof/gutters soon, new windows, siding). As soon as we bought it, we insured it with our usual company. Now, one month in, we were notified insurance is being cancelled due to condition of exterior. We have plans to update these things over the next year but not right at the moment as we are currently navigating purchasing a primary residence at the moment. Do we have any options? Is it possible to get just liability insurance on a rough property? It was cheap enough I think we would be willing to skip replacement if that was an option. Our own insurance company said it’s too late now, even if we managed to make all of the repairs in the next month (not possible anyway due to timing), they probably wouldn’t re-insure. Anyone have any ideas to throw our way? 

Loading replies...