fix and flip homeowners insurance??

Question

Fix and flip homeowners insurance recommendations please!  my insurance company wont insure us until the property is "prettied up"

thanks!!!

Jason Bott · Answer

Jerry, there are several insurance programs for flips.

Carson Wilcox · Answer

but yes, it also needs vacant coverage, and house under remodel coverage... as well as liability etc..

Carson Wilcox · Answer

I asked my mortgage broker who he uses.  he flips as well.  Got that guy, told him what I needed, he told me what I actually wanted to buy and needed... and poof!  done.  your current agent is a dip*hit... find a good one!

John Mocker · Answer

Jerry,

Depending on what the project is there are several options:

- Renovation Builders Risk policy for the building & separate Liability

- Vacant Dwelling policy endorsed to include the renovation

- Homeowners or Dwelling Fire policy that will allow the renovation

Which option is best depends on the work to be done, duration, whether or not the building will be occupied, etc.  The first option is the most common that I see.

I would recommend contacting several Independent agents and inquire on their experience with contruction/contracting insurance in general and remodeling/flipping specifically.    If you have trouble locating an agent PM me and I can let you know some of the Insurance Carriers we use for similar projects.

Brian Armstrong · Answer

Not sure what all options you have in NJ but I'd recommend finding a local independent agent so you don't have to do the shopping. Here in CO we use Foremost, American Modern, and Berkshire Hathaway.

Best of luck!