Where can I get insurance during the remodeling process of a recently purchased repossessed home?

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jul 9, 2012

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Insurance Question from Kirbyville, MO

Asked on 07/09/2012

Where can I get insurance during the remodeling process of a recently purchased repossessed home? We just bought a repossed property that had been vandalized and all of the wiring, appliances, and fixtures were removed. We have begun the process of remodeling so that my son (his name is on the deed) can move into the house. What kind of insurance do I need during the remodeling process, and where do I buy it? The home is not in livable condition right now.

Answer given on July 10, 2012

There are several insurance companies that will write insurance on a home while it is being remodeled and/or repaired. Many companies write this as a homeowner policy with a special endorsement that covers it during the construction period. Others will write a standard fire policy that covers the home. This is probabably a better fit since there are no contents at this time to insure.Some companies will only write this type of policy for one term, or year. Others will allow additional time to complete the repairs. You need to shop around to see what is the best fit for you and your needs.An independent agent has access to several insurance companies and may be the best for you and your needs. However, some companies, like State Farm will write such a policy for you, depending upon your loss history and how the home is being repaired. Almost every insurance company would rather have a general contractor on the project rather thanyou being your own general contractor, since you may not have the expertise necessary to be a general contractor.

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