Insurance for a Fix and Hold duplex ?

Question

I bought a distressed side by side duplex. Upon closing , I emailed my insurance broker to get an insurance binder on the property, like usual. She called me to get particulars, and said once I'm done with the renovations,  call or email her so she can get insurance on the property. In the mean time ... I don't have insuarnce on the property.  It concerns me greatly. Is there a type of insurance I can get to cover the gap, or is she just trying to cover her liability?

Account Closed · Answer

@Steven James

Look into “builders risk” insurance. This is what I used while we turned a sfh into a duplex last year in Texas.

Steven James · Answer

I know when i sell a house, sometimes the buyer askes me to pay "gap inurance" is there something simular for this situation ?

John Teachout · Answer

I have a property now that I've owned almost 5 years with no insurance and have been renovating it. I'll insure it once I have a contract to lease it. I have all my properties insured that are occupied and any that aren't occupied aren't insured. I have put insurance on a property that was vacant once but it was too expensive for my thinking so I don't do that and the company I use now doesn't cover vacant properties...If you have a loan, usually you will HAVE to have some type of insurance on it to protect the lender.

Matt Clark · Answer

@Steven James it’s legit; most carriers won’t insure a vacant property. I use American Modern Insurance Group, it’s easy to set up a policy with them over the phone that provides coverage on an empty building.

Erik Hatch · Answer

I wonder if an umbrella policy could help you.