Hello BP Community! I am excited to announce that I have finally purchased my first ever deal! This project is going to a fix and flip. It is a complete gut rehab, getting everything brand new from plumbing, electrical, hvac, to everything in between!
I am currently at the end of the demolition for the property and am starting to look for constrution insurance policies for the building. I was wondering if you guys have any advise for how I should go about getting insurance for the construction phase of the property and any referrals for the St. Louis MO market?
Congrats on your first deal and flip! That is super exciting. I would look at a local insurance brokers as they can shop around different carriers for you.
What you will likely need while it is under construction would be a builders risk insurance policy. This will protect materials and also offer liability coverage while this property is a work zone. This would be a more expensive than a traditional homeowners dwelling policy, but I would recommend having it just in case.
Once the property is complete, you can get a regular dwelling policy which will provide coverage until the property is sold. I don't know of any insurance brokers in your area, but I would start with Google and go from there.
Hopefully this helps!
I don't know your area, but you need a Builder's Risk policy during the reno period. It could have, probably should have, started when you purchased the property. If for some reason there is a time period between after the reno is finished and before you sell/rent it, there is also a slightly cheaper Vacant Property policy that you could get.
Talk to a qualified insurance agent. They will tell you any of this. Good luck.