Insurance - not so fun

It's a given that we need to have some sort of homeowners insurance. It's required in order to have the loan - we all know this. What we didn't know, and certainly didn't expect, was to not be able to insure the rat hole. It seems that your run-of-the-mill homeowners insurance product doesn't cover situations like the rat hole's. You have to have a finished house, with modern plumbing and electrical. Durn new-fangled fancy-pants systems.

So, we were despairing for a while today. We didn't know where we could get insurance, and therefore we weren't sure if we'd be able to get a loan. Finally we were referred to a particular company, and they have a product that might meet our needs. It's not going to cost much more than a regular policy, but it's geared for fixer-upper properties like the rat hole. I think one of the increments was $50K for structure, $40K for belongings inside the house, liability, and a bunch of other things I can't remember for about $600 per year. Pretty reasonable. All we need to find out now is if the lender will accept that sort of insurance, and what coverage levels we need to have.

I can't help but feel that this is sort of a close shave. Then again, this entire experience has felt like one close shave after another. Now we're stuck waiting again for the appraisal, both to see if it's good enough that the lender will lend and to see if the insurer will insure. We should know by the end of the week. That's our new mantra - "end of the week, end of the week...."