Insurance for my first flip

[Matthew Ewald]

Hey there Bigger Pockets. I'm a new investor and I have my first fix and flip property under contract. I need to get insurance for the property before I close with my lenders name on the policy. What kind of insurance do I need to secure for this type of situation. Any help would be appreciated. Thanks in advance.

[Kyle J.]

Hey @Matthew Ewald, if this guy from the "well known insurance company" truly has "no idea what you're talking about", do  you really want him quoting you a policy that neither of you know whether it's the correct one?  The correct insurance policy on a flip can vary based on a number of factors, such as how long it will be vacant, the extent of the renovation, etc.  

Do you need a Builders Risk policy?  A vacant dwelling policy?  There's not enough information to say based on what you wrote, but it sounds like you really need an insurance agent experienced in this area to advise you.  You definitely don't want to end up with the wrong type of policy and then to have a loss, only to realize too late that you're not covered.