Getting insurance - when?

[Sam Leon]

When is the best time to secure insurance when the property is an REO with obvious deficiencies such as active roof leaks, broken windows (secured by plywood by the bank), missing kitchens, swampy pools etc...

Down here in FL we need windstorm, flood and general liability and it's a big expense item.

So obvious with those deficiencies when you ask for a quote they need a 4 point inspection report which will clearly document those deficiencies and that would increase the premiums even though your intention is to take care of them as soon as you close.

What is the best way to handle this?

[Wayne Brooks]

Short term, 3-6 mo.s Builders Risk policy while you repair.

Bob Pepe of Pelican Insurance in Fort Lauderdale is who I and some other rehabbers use. Probably $100-150/mo.