Do I have to have insurance on house/property I just purchased to tear down when previous owners still reside there?

Asked 7 months ago - Brazil, IN

I bought house next door for the sole purpose to tear it down because it should have been condemned. The previous owners still live in it and continue to ask for more time to vacate. The initial agreed upon date for them to be gone passed three weeks ago. They are not paying any type of "fee" to me for living there.

Attorney answers (4)

  1. Jeffrey Bruce Gold

    Pro

    Contributor Level 19

    5

    Lawyers agree

    Answered . If you don't have insurance on this property and there is a fire that results in death or injury, the people hurt will own everything you currently own (unless you file bankruptcy). If someone trips and falls on the sidewalk or while delivering mail, or visiting the tenants, they will sue you. I can assure you that I have dozens of clients, who are thrilled that they had purchased insurance, and I have a handful who are really upset that they did not purchase enough (or any) insurance. I know of dozens of cases, where tenants in the process of being relocated (evicted) had an "accident" in an attempt to obtain money from the new landlord. Yes, you need insurance on every property you own.

  2. Christian K. Lassen II

    Pro

    Contributor Level 20

    5

    Lawyers agree

    Answered . It would be smart in case someone is injured.

  3. Charles R Smith

    Contributor Level 16

    2

    Lawyers agree

    Answered . There is no requirement that you have insurance, unless you have a mortgage company that requires it. However, my colleagues are 100% correct. You really should have insurance. I'm a little surprised that that anyone would spend the money to buy a property because it should be condemned, and then let people live in an unsafe condition without paying any rent. If you go without insurance long enough, it is possible that the prior owners will end up owning your house and bank accounts. Do you think they will be kind enough to let you live in the condemned property when that happens?

    You should see a real estate and estate planning attorney to discuss asset protection and planning your estate as it is getting more complicated.

    The above "answer" is for discussion purposes only and is neither intended as legal advice nor to create an... more
  4. Shaye Larkin

    Contributor Level 20

    1

    Lawyer agrees

    Answered . I agree 1000% with what the other attorneys have said. Don't be penny-wise and pound foolish!

    While I would love to be your attorney and you may call my office any time to schedule a FREE consultation on... more

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

27,279 answers this week

2,975 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

27,279 answers this week

2,975 attorneys answering