Tax Lien Property Burned Down

[Kyle Meyers]

I bought my first tax liens last year with 1 year redemption. I went to look at the properties today to make sure they were in good condition and discovered one had burned down. Has anyone else had a similar experience?

I am wondering if there is a good way to insure against these losses. I contacted my insurance agent several months ago, but he was unsure of how to write a policy for that. I called today after seeing the damage and he said it may be covered under a separate policy I have which includes a provision for newly acquired properties.

I am only in for a couple thousand right now, but the property would be worth at least $15k and the redemption period ends Monday.

Any input is greatly appreciated.