Buying a rental at auction or from a distressed sale means acquiring a building nobody will tell you much about. Insurers ask about history, and not knowing it is itself a problem.
A property’s claims history follows the address. Buying it means buying that record.
Three things about insuring a building you have just met.
Carriers consult a shared loss database that reports claims at the property, including those made by previous owners. A house with repeated water claims is quoted accordingly, and a new owner can find themselves paying for somebody else’s history without knowing it exists. You can request the report.
Distressed properties frequently carry alterations done without permits: a converted garage, added rooms, reworked electrical. That affects what a carrier will insure and what can be rebuilt after a loss, and it is not something a seller in that situation volunteers.
Carriers typically inspect a newly acquired rental, and the findings are useful information about a building you do not yet know. Treating that report as a to-do list rather than an obstacle generally produces both better terms and a better property.
Learning the building before insuring it.
Available to request and frequently illuminating.
Converted spaces and added rooms are the usual finds.
The four questions every carrier will ask about an older rental.
Send the address and tell us what you know about the property’s history.
We pull what is knowable about the address before quoting it.
Request a quote