For more detail, recently procured a small residential house in Michigan via tax sale, sight unseen. After reviewing Google Earth and auction pictures, I saw what appeared to be a solid roof and foundation, and decided to take a gamble.
My plan is to fly up in the next month or so and see what exactly I put on the capital one card, with a hope that this will become my residence. I also want to see if I can insure it. I've done some research, and come across "empty home insurance," but that seems to be more for snow bird residences and vacation homes than an uninhabitable fixer upper.
So I'm reaching out today to see if anyone is familiar with an insurance policy type that exists that would cover such a property. If it helps at all, the various realtor sites list that the property is worth about 35k right now. I appreciate any insight anyone can provide. Thank you.
Purchased a vacant, boarded home in a mid sized city in Michigan. Is it possible to insure?
byu/A__D___32 inInsurance
Posted by A__D___32
2 Comments
If it’s only worth 35k, why even bother to insure it? Just roll the dice, save what your premium would be, and if you have more than $35k in damage, walk away with the money you saved from not having insurance. No brainer to me.
Best bet is to reach out to some independent agents and see what they can offer. I’m in North Dakota but I just wrote a similar one… guy from out of state bought a fixer upper as his permanent home and wanted to at least have fire/tornado coverage on it until the remodels were done. I found total loss coverage for his sales process for about $600/year.