master insurance

[pab44]

I am buying a bank owned condo in a 3 decker building in Boston. Since there is no insurance on the building, no condo association and the other two units are unoccupied, I was told that I would have to obtain master insurance for the exterior of the building. I am not an investor with deep pockets and this will cost about $3200 for the year. If the other two units are sold then those owners could each buy a third of the insurance however there is no assurance that the rest of the building won't remain vacant for a long time. I am buying this condo to live in not to flip.

Because only one unit would be occupied I would have to get more expensive "specialty insurance" Is there any way around this? This could be a deal breaker for me because I don't want to get stuck paying this large amount every year that the rest of the building is vacant. I can't afford an attorney on top of this insurance expense and need to be able to pay for renovations to the unit. Any ideas would be appreciated. MA

[HomeGuru]

Originally Posted by pab44

I am buying a bank owned condo in a 3 decker building in Boston. Since there is no insurance on the building, no condo association and the other two units are unoccupied, I was told that I would have to obtain master insurance for the exterior of the building. I am not an investor with deep pockets and this will cost about $3200 for the year. If the other two units are sold then those owners could each buy a third of the insurance however there is no assurance that the rest of the building won't remain vacant for a long time. I am buying this condo to live in not to flip.

Because only one unit would be occupied I would have to get more expensive "specialty insurance" Is there any way around this? This could be a deal breaker for me because I don't want to get stuck paying this large amount every year that the rest of the building is vacant. I can't afford an attorney on top of this insurance expense and need to be able to pay for renovations to the unit. Any ideas would be appreciated. MA

**A: my idea is to find another property to purchase.