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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: COC Option... Posted by 2nd Fred on May 02, 2003 at 11:17 PM In Reply to: Fire insurance binders... posted by Ward-CA- on May 02, 2003 at 2:22 PM : : Can you give me a referral of an insurance company that writes fire insurance on Trustee Sale property on the same day that a subject property is purchased and still occuppied? I'd appreciate any comments that you might have on the subject. : : Thanks, : : Art : =•=•=•=•=•=•=•=•=•=•= : Art, : The way all of us old-timers handle the insurance angle is to find a insurance agent willing to put an insurance binder on the property until they can get it underwritten and a policy issued. : The first phone call I make after I win the bid on a property at the trustee’s sale is to call my insurance agent and put a binder in place. Then the next day I go into the agency and pay an estimate of what the premium is going to be. If it turns out to be too little I’ll make up the difference or they will make a refund if my guesstimate was too much. : Hope this works. Hi Ward, My insurance agent offered me what he called a "Course of Construction" policy which is used by construction companies to cover them while in transition. I explained exactly what I was doing (buying at trustee sale and that I would be calling him right after) and he said no problem. They will bill me monthly for all the policies I have at a cost of about $.20 per $1000.00. Are you familiar with this at all? Thanks, Fred Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : Can you give me a referral of an insurance company that writes fire insurance on Trustee Sale property on the same day that a subject property is purchased and still occuppied? I'd appreciate any comments that you might have on the subject. : : : Thanks, : : : Art : : =•=•=•=•=•=•=•=•=•=•= : : Art, : : The way all of us old-timers handle the insurance angle is to find a insurance agent willing to put an insurance binder on the property until they can get it underwritten and a policy issued. : : The first phone call I make after I win the bid on a property at the trustee’s sale is to call my insurance agent and put a binder in place. Then the next day I go into the agency and pay an estimate of what the premium is going to be. If it turns out to be too little I’ll make up the difference or they will make a refund if my guesstimate was too much. : : Hope this works. : : Hi Ward, : My insurance agent offered me what he called a "Course of Construction" policy which is used by construction companies to cover them while in transition. I explained exactly what I was doing (buying at trustee sale and that I would be calling him right after) and he said no problem. They will bill me monthly for all the policies I have at a cost of about $.20 per $1000.00. : Are you familiar with this at all? : Thanks, : Fred Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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