Insurance issues


#1

After purchasing a property at the court house auction, there is a 10 day waiting period before you receive the title. My question is when should you get insurance for the property? We are buying to rehab and flip, so we get the temporary policy that cover up to 6 months…I think that most properties are insured by the banks during the foreclosure process when the owner has not paid their mortgage or insurance. This protects their asset. Not sure if this happens all the time, but what happens if something catastrophic , fire, etc. happens during the 10 day period and you haven’t put an insurance binder on yet? Can you get your money back or do you recommend insurance binder from the certificate of sale…even though you don’t have title yet?


#2

What was the answer, I would like to know too