tip for tuesday !!!

thanks for sharing Jay,

I haven't run into that problem, but what if you had an alarm and smoke detectors installed?

just a thought...

Val

Thanks for Sharing. I had an insurance company in the past who asked me the same thing!! they gave me a lot of additional and unnecessary work. I understand that they have to cover themselves. However, i later found another insurance company, who are a lot more flexible, similar coverage and premiums, so since then they became my insurance brokerage. it was a lot easier to work with them and lot less number of requirements.

Hey Jay,

LOL! crazy huh, like we REALLY need one more house boarded up! bhhahhaaa!

I actually had to do a rehab (temp) coverage on one of my last properties. It was vacant and they did require I have the power turned on in my name (go figure - in my mind seem less likely to catch on fire without power - lol). They did go out and take pictures, etc. And they did have a couple of items I had to cure immediately prior to policy in effect.
I could choose to insure at replacement cost or appraised value (even higher premium of course). It was a little higher premium but was only on short term. I did do a light (knock the ugly off) and sell. So I met the timing issue.

My point being at first because it was vacant they were not going to insure. But when I indicated my closing date and my plans were to take possession and begin rehab immediately they had a product to accommidate. It was short term and the entire premium had to be paid in full. With a termination clause that if I terminated prior to maturity it would only be credited a small piece of the premium (would have only gotten back around 15-20%). BUT had enough room, it didn't affect my bottom line to go that route.

Hope it helps.
Best wishes,
Jen

Just an idea that might work. When they ask if it is vacant you could say no that it is occupied. You have heard of staging the home to sell it and you have heard of housesitters. While doing cosmetic fixup stage it with some furnishings and add to your team some sitters to act like they live there. If anyone asked, the resident works nights. If we hire people to pass out flyers and do other things maybe this could be an add on which means hiring a flexible person to multi-task for you.

Let me know what you think of this idea. Maybe while that person is sitting for us they can also find us other properties. We take care of the sitter and the sitter takes care of us. Bars hire bouncers so why can't we hire our own security in the form of a tennant/buyer?

well the question was probably directed to Jay. But I'm chiming it. lol

well for starters it's dishonest. whether 'white' or 'little'. truth be told lies aren't color coded.

with every action there's a reaction and with every choice a consequence.

Blessings,
Jen

Tell your end buyer what's happening. If you're not selling to him by the end of the day, board it up and get insured. Unless this is his 1st buy ever, the end buyer will understand - he might even help you cover the cost, or have a guy who can do it for you.

A wide open house is like a phone booth with a bag full of money in it to every type of criminal you can imagine. Pipes, wiring, tools, supplies, etc., etc., are all inside for the taking/smashing, and they're all worth money. Can a crackhead who hasn't ate in 2 weeks rip a sheet of OSB off a junk house with his bare hands? If it's not screwed in, yeah probably.

But, you have to at least TRY to secure the place from being stripped and destroyed, no matter what condition it's in. If you don't try, they won't insure you. If it's a local agency, they will always come by to take pics. If they catch you in a lie, they'll drop you like a hot rock. If the lie is big enough, they will crucify you in court for fraud.

Whatever you decide, just be grateful that "defense of property" (taking the law into your own hands) is still illegal in 48 states. Because if it wasn't, the insurance companies would probably make you do THAT instead, LOL. Best of luck to you man...

Board up every hole in the house - $200.
Buy and install all windows and doors - $1,500 - 15,000?
Hire a security company to sit on the porch - $ ?????
Covering your butt so you can do a deal - PRICELESS.

I do not want to be anything but honest and was trying to come up with a creative solution. But what do I know anyway. I have lots to learn and I am glad that I posted my idea. It is a real reality check and brought about some good info. We absolutely want to keep each other out of trouble. Thanks for jumping in Jen and David.

Heck yeah, I call it 'brain storming' lol! Always value add! All comments are always welcome. That's how we ALL learn!

God bless,
Jen

The one reason I can see them telling you to board it up is if its in a distressed condition and can be privy to squatters.

Its not out of order for the insurance company to tell you to do that since they know your policy is a short term one and don't want to have to come out of pocket 2 days later if your place gets robbed of pipes and appliances, etc. Plus, a quick report might be grounds of an investigation of fraud.

Don't ever lie to insurance agents; tell the truth as theyre covering their necks as you would want to yours as well.

Hope this helps

We can work it out, yeah! yeah! yeah! We can work it out. (Sorry old Beatles tune) I couldn't resist. I like brain storming.

Thanks everyone for sharing ideas and experiences.my agent is in process of solving my problem.I have multiple properties under ins and I believe they will find a solution quickly for me.I did mention I am looking into other agenciesvto find a solution.....)
Keep the ideas and experiences coming!!
Jay