I have a property in Jacksonville, NC that suppose to close this week. The county is evacuated and the closing day is delayed. The house is a flip, so I'm not sure if I had any kind of insurance policy on it. Can I scramble a quick investor insurance that can cover the house in case anything happen? The house is relatively new, build in 2006. I'm out of state, and the agent manage my property is evacuated. So no boarding up the window or turn off the electric. I'm not sure the building code for NC is as strong as FL.
You won’t be able able to get insurance once there is a named storm out there....kind of crazy to have a flip with no insurance, especially on the east coast in hurricane season. Hope for the best, but it will be a scramble trying to get the roof dried in or other repairs immediately after the storm. Hopefully your agent/manager can get it done.
It was my first deal. This is the first time I hear of vacant insurance policy or builder insurance. Most insurance mention on bp is umbrella insurance. Should I drive up or fly in after hurricane to assess the damage and do some immediate repair, while wait for contractor available?
Probably a good idea, but there will be lots of traffic going back in....bring whatever you need. If tou’re A do it yourself kind of guy, bring a ladder, plastic tarps, a bunch of 1x2 wood strips to tarp your roof if needed.....there will be some guys running around doing that for about $2/sf. Trees falling over will likely be your biggest concern,Unfortunately, looks you’re right in the path unless it changes. If your roof is in good shape it may be mostly okay..
Don’t worry about the electric, it will be off before the heaviest winds get there. Hopefully, you won’t have any flooding issues.
BTW, builders risk which most of buy for flips doesn’t cover hurricanes or flooding anyway, unless you add it.
Initial assessment of the house seem to be ok. Only noticeable damage is the whole left fence is down. Now the increase in fixing cost, re-appraisal, the offer (VA loan), and the supply and demand of market suddenly change. I wonder if I should reconsider the offer. Do I have more negotiating power now that my house is dry and desirable, i don't have to agree to fix more damage? or wait for a better offer or one that closer to my price? my agent freak out when i said i want to reconsider put it back on the market.