Denied Insurance on the New Rental Property!

Shit..

 

or should I say “Shiiiiiiiiiit”

 

Who am I kidding, this guy does it better..

 

 

Here is the email I sent to my Agent once I figured out I was denied home insurance coverage on rental property #5 Nicki Minaj

Agent, (name redacted)

This is the message I received from the insurance company..

“Hi Dominique,
According to the inspector the surrounding houses are boarded up, because of this Erie cannot insure it. This causes a great increase for the risk of fire and vandalism. I’m sorry for any inconvenience. Please let me know if you have any questions. “
With that said, we need to put a procedure in place for purchasing properties:
1. Cannot be near/around any vacant / abandoned buildings (unless we are purchasing abandoned building as well)
Secondly, do you have an insurance guy I can contact? I need to get <Nicki Minaj> insured as soon as possible. Also… anyway I can buy the vacant property near Nicki Minaj? We can take it on as a rehab project if the price is right.
Moral of the story
Have more than one insurance person on your team or don’t buy properties near vacant / boarded up properties. I didn’t think would be an issue and clearly the tenant doesn’t care, but this really sucks. I do not want to have this property uninsured. You never know when you need to file a claim!

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