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| *Loan,banking and credit>>>homeowner insurance |
Do I need homeowners insurance on a home i only plan to own for 2 months? |
Im buying the home with cash and flipping it within about 2 months. So would i need homeowners at all? Policies usually are for one year i thought. If you're financing the home, you will need homeowner's insurance as a condition of the loan. Even if you are paying cash, you should strongly consider insuring the property as accidents can happen. If you will have any tradesmen working on the premises, you definitely need liability coverage if nothing else. Once you sell the property, the buyer can either assume the homeowner's policy with the adjusted premium credited to you at closing, or you can cancel the policy for a refund if the buyer is providing their own insurance. Look at it this way if you are sure that you won't get sick or die of natural causes or in an accident within the next two months you should not have medical or life insurance for the next two months I would definitely still get insurance! What if something goes wrong while "flipping" the house??? Personally, I would. Just in case , as you never know! Just to be on the safe side, I would, besides, if you already have a policy, you can just add it with a phone call and then since you are selling in two months, you will only be paying a small portion of the bill. You don't need it if you can suspend the laws of physics so that there is no chance of fire, wind damage, hail damage, etc. yes you should get insurance on the property. yes policies are for 1 year, but you may cancel it at anytime and get reimbursed the money owed to you. Cheapest way to insure it is only insure it for what the house is worth. Good way of finding out is what the property taxes say your house is worth. Don't put any personal belongings on it, unless you want them to be coverted. insurance and no insurance is a gamble. We don't know what is in store for tomorrow, for damamges or fire. But I DO recommend getting insurance for those two months. Look around for the best insurance deals. But do not tell them your only going to be there for 2 months. To a insurance company that would be a bad deal. worked for a insurance agency real estate investor |
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