Insuring a House next to Boarded Up Property
I generally use State Farm for my insurance needs and they’ve been very helpful. I have several policies with them including auto and homeowners, so when I went to purchase a rental property last year I thought I wanted to “keep everything in one bin” so to speak. So I called my agent, told her about the place and she sent out an appraiser…
Two days later I get a call from her: “uhh, the property next door is boarded up.” I said “yeah, is that a problem?” Well apparently the big insurance companies don’t like to deal with suspect properties or suspect neighborhoods like that. So I had to get “creative” and call my girl Gilda at Creative Insurance.
If you’re buying in a neighborhood with boarded up houses, just be aware that your ‘normal’ insurance company might not want to help you, in which case you will need a good insurance broker.
Hi Carter. I own a rowhouse in Baltimore City. It’s not next to a boarded up house, but I did learn some interesting things about homeowner’s insurance when I shopped around for a new policy recently. I did have State Farm. Now I have Travelers through a local agency: Diversified Insurance Industries(www.dii-insurance.com)Some companies don’t do attached homes or flat roofs, period; others charge exorbitantly. One company wouldn’t take me because I don’t have central heat (baseboard units.) Just wanted to say good informative post, as was the one on ground rent (which I also know about via experience). Glad I saw you on blogtimore.
Hey Danielle, thanks for the info. State Farm didn’t have any problem with my row house in Canton. I don’t have any board-ups on my street, just an abandoned shoe factory and some crazy people, which didn’t seem to bother them.