Do I need homeowners insurance on a home i only plan to own for 2 months?

Question

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.

Answer 1

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.

Answer 2

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.

Answer 3

First, supply up utilizing Fords. Kidding! (a touch) $a million,2 hundred a month does no longer equate to a $three hundred,000 mortgage till you've a tremendous down charge, or are doing a daft 40 12 months mortgage. A lender is possibly balking on a important mastercard because you artwork section time, have already got responsibilities and doubtless your employment historic previous is spotty or no longer sufficient. do not mission about it. keep keep keep for a down charge and keep doing what you're doing. start up gaining understanding of your marketplace so once you're extreme about figuring out to purchase, you're properly versed about what you could purchase on your budget. feels like you're off to an outstanding start up.

Answer 4

You buy a policy for a year and then obtain a prorated refund after the sale takes place.

You don't "need" insurance if you don't mind losing your entire investment in a fire or if you have enough assets to cover any potential liability to someone who is injured on the property.

It's entirely up to you if you want to expose yourself to such an unnecessary and enormous risk.

Answer 5

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.

Answer 6

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

Answer 7

YES, do not let anyone tell you differently. What if one of your workers gets hurt on the job? Who will they come after, you! As long as you have homeowners, you're safe.

Answer 8

I would definitely still get insurance! What if something goes wrong while "flipping" the house???

Answer 9

Chances are the mortgage company will not close on the loan without it.

Answer 10

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.