"Vacant/Renovation" Insurance Policy

[Jeff Lee]

I just closed on a house I'm looking to remodel and rent out. Thing is it'll take 4-5 weeks to have it ready to go and I'm not sure how long it'll take to find a suitable tenant, especially with winter approaching in 1-2 months when it's finished.

I've been quoted a "Vacant" insurance policy that will cost $300 for 3 months and isn't refundable. It has a $1000 deductible.

Should I go with it in the 1-2 months my rent house is under renovation and unoccupied or get the vacant insurance?

[Ned Carey]

I think that is about what I have been paying for Builders risk policies. It is generally about 2X the cost of traditional insurance.