Insuring between Auction Sale and Sale of House


#1

Please advise on the most cost effective way to INSURE a property during the time that I buy it a Foreclosure Sale until the time that it is Sold to a buyer. Even the short term is a real concern between auction and Trustee Deed Recording, THX


#2

Try a “builders risk” policy, that is what I have used. Also note that the typical landlords policy typically has an exception that specifically does NOT cover this case, so be careful to read the policy to make sure you are actually covered rather than just throwing money away.


#3

Thanks Sean. Is the cost typically based on stated value? Is it a good idea/cost saving measure to take structure only ? As “typical homeowner contents” and land are don’t really factor in here?
?


#4

Yes, a builders risk policy primarily insures the structure, though it does provide some liability coverage as well if I recall correctly.


#5

Do you have a couple of insurance companies that you would suggest starting with?? Did not find any under F.R. Directory. thanks?