Help Binding Insurance Policy
I am 6 days from closing on a new SFR and am having trouble getting insurance on it. This property requires renovations, and due to the location I am estimating I will need 60 days to finish the project. Contractors are in high demand and my personal contractor is finishing up a prior project for me, but this deal was too good to pass up.
So far I have been told by three insurance companies they do not handle rentals. I have had one company say they will give me 30 days to do renovations and get the new roof completed as well as get a new tenant in, which is not likely to be viable, but I am keeping in my back pocket as a last resort.
The newest company I heard from today said they would give me a vacant building policy for $1825 for 12 months that I can cancel at any time once the renovation is complete and shop for a new policy that is for a rental at a better price, the agent apologized for the high price, he understood that an investor would not be happy with that quote. However, the agent was trying to give me the flexibility to finish the project without a stringent time frame and still have proper coverage.
Does anyone have any recommendations?
Thanks!
Alecia