Can't get insurance on property

[Bryan M.]

I am closing on a property that has 2 homes on it. One home is ready for a moderate reno. The other is in disrepair and may need to be demolished. The kitchen floor is caved in, mold everywhere and may not be structurally sound.

My insurance agent cannot find a carrier to insure the property due to the house in disrepair. They do not want the liability of someone getting hurt.

I'm not ready to call in the bulldozer because I want to make sure it needs to be demolished. My contractor will be going in soon to determine if we can save it but, for now it looks like I can't insure the property.

What would you do?

- Not insure it and cross your fingers the good house doesn't burn down and no one wanders on the property and gets hurt?

- Spend the money (which I'm not ready to do...but can) and demolish the bad home ASAP to get the whole property insured?

Thanks!

[Derrick E.]

Ask what you could do to the house in disrepair. Can you put a fence or something around it? Can you board it up with signs telling people to stay out of it? Can you survey the property and have the property split up to basically make two separate properties and insure the good house?

Time to get creative before throwing in the towel.