All Forum Posts by: Steve Booth

Just for anyone reading this... my "brilliant" plan of just getting homeowners online until I have the property rented isn't going to work. At some point they all ask "is this vacant" or "is this a rental property" and when you say yes to either it stops the process. And no reason to not say yes as if there is an incident I am sure they would not cover anything. I have reached out to the company @Carolina E. mentioned (REI Guard). Will update later! Thanks again for all the support!

I've actually looked at some online homeowners insurance.  At this point I just need something to make the mortgage folks happy:)  I think I may try that route until the property is ready and has renters.  At that point I would like the landlord insurance as it has the added protections in place for incidents at the house.

Thank you all for taking the time to respond.  I truly do appreciate it!  Especially this being my first property!

Thank you both very much for the replies!   Interesting on the vacancy concept.  Wonder why that is?  I would have assumed the less people in a house the safer it is😀 Good thing I am not in insurance!

Hi all!

Well I have an agreement of sale for my first property!  I am working through financing, etc.  It's zoned something called "AO" which is "Apartment/Office".  Seems I am needing a commercial mortgage for this.  Lucky me:)  So my question is about property insurance.  I see something out there called "Landlord Insurance".  Is that a requirement for insuring a rental property, or can I get "regular" homeowners insurance?  Reason I ask is that I've spoken to a few companies and they are telling me that since it will be vacant for about 4 months (estimate to get it ready) they won't insure it.  Anyone run into this before?  I need the insurance for the mortgage.

Thanks so much!

Hi all!  BRAND new to both BP and also investing.  Well not sure if I can actually say "new" yet as have not bought first property!  I am out in the Abington/Jenkintown market.  Was interested in looking in this area first as I was hoping to keep the first property nearby as I learn through the process.  That said don't want to pick a poor property just because it's close.  Anyone in the area have any thoughts on the market in this area???

Also would love to learn about any local meet ups.

Thanks!

Steve