Looking for leads on insurance providers
We've heard from several of you that finding affordable property insurance for your Detroit rehab is a big challenge, especially while your rehab is underway (before you move in).
Anyone have successes to share or insurance agents to refer that the community can learn from?
Discussion
Another Brick + Beamer had sent her insurance recommendation in an email prior to this forum being up. She said insurance was very difficult for her too, but found that the recommended insurer below "was the only one that knew what he was doing and was willing to jump all the hurdles. He was excellent and knowledgeable about the market in Detroit in particular."
Jon D. Spalding, President & CEO of Spalding Insurance Agency, Inc.
[email protected]
517-625-4141
517-337-3200
I have homeowners insurance from Pioneer Mutual thru the Verlinde Agency in Richmond Michigan for my Detroit home. This is for a completed home not a work in progess - they were willing to write a policy with full replacement value to a specific dollar amount. Other insurers would only insure for full replacement value which was $250,000 more insurance coverage due to the square feet. That would be more than double the fair market value of the house. This policy makes sense to me and is priced more reasonably. Verlinde Insurance Agency Address: 68364 Main St, Richmond, MI 48062 Phone: (586) 727-6525
This was a very challenging part of the process for me. Buying a property that was deemed uninhabitable by almost all insurance companies made finding a plan next to impossible. The restoration contractor I worked with recommended Batlemento Insurance Agency, which is based in Bloomfield Hills. They were able to help me with a relatively affordable plan after I discussed my construction plans and projected timeline with them. They are surprisingly nice and helpful, and really seemed to be rooting for me!
After a year, they called to ask me for updated pictures of the house, to soothe the underwriter's (valid) concerns. I do think it will be essential to prove your intentions to rehab the house.