Question about Insurance

[Allyson Straka]

Hello everyone,

We are currently under agreement on our first property and we have a question about getting insurance. The property is a duplex in which we will be living in the bottom and renting out the top. We are buying the property as-is, so some repairs are needed. When we were looking for insurance quotes, the fact that the property needs some repairs is making it difficult to insure. For example, one insurance agent had an issue with a broken window. We feel that this is a non-issue being that we will be fixing the window right away. Another insurance agent said that if everything was not fixed in two months, we would potentially be dropped from our policy. 

We know that other investors are buying properties in need of repair. We were wondering how people are getting reasonable insurance quotes on them. Are we going about this process wrong? Do we assume that we need to get another insurance quote after we complete the repairs? 

Thanks