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overseas buy…, Home Buyer in Edgewater, NJ

Condo insurance for foreign buyer

Asked by overseas buyer, Edgewater, NJ Thu Jul 19, 2012

I am a foreign buyer (currently in the states) looking to purchase property in Edgewater, NJ on the water where I could vacation. As I won't be living there, I'm thinking of something I could rent out when I'm not visiting the property. I called around various insurance companies to see if I could insure a condo as a foreign national, however, all I tried (statefarm, progressive, geico, allstate) have told me I could not as it would not be my primary residence. Does anyone know of any companies that would allow me(a foreign national) to purchase insurance to cover a condo in New Jersey? Very interested in buying, but not sure how to go about this... Any help is very appreciated!

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Jose Martinez
Coldwell Banker Home Loans Hoboken
0 votes Thank Flag Link Sat Oct 13, 2012
If you already purchased this property, I don't believe your immigration status will affect your chance of getting insurance. The only thing, as Joshua said, you will be paying a higher premium since it is going to be an investment property, not a primary residence. And renters also will need to carry renters' insurance.

I don't recall insurance agents are even asking for immigration status.
0 votes Thank Flag Link Thu Jul 19, 2012
Do you have any form of residency in the US? If so, feel free to reach out to me and I may have some ideas that can help you. You may pay a higher premium as an investment property however, if you make sure that renters also carry renters insurance it may also help.

Hope to hear from you soon!
0 votes Thank Flag Link Thu Jul 19, 2012
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