No Homeowners Coverage

[Nyelle Johnson]

Hey BP I need some advice I purchased a home in 2018 in Philadelphia Pa that I am currently fixing up to rent out. When I first purchased the home I attempted to put insurance on the property but the agent came back saying I needed to address a few windows needless to say I didn’t bc I thought I’d get that done during the rehab but the rehab took much longer than I thought now I am trying to get insurance and I think I’m getting told the property is uninsurable because I never had it insured under my name any ideas on what I can do to get around this issue? Thanks

[John Mocker]

Nyelle,

Many Standard markets have a prior insurance requirement.  I think the ratio of losses on properties that have lapsed insurance is way higher than those with continuous coverage.  You should be able to get coverage.  It may require the agent to go to the Excess/Surplus markets (ie. Lloyds of London, etc.).  That will probably mean that you will be paying more for the first year.  If you still can not find some one to insure it PM me and I will see if I can find a company and see who represents them in your area.