I'm doing a flip and my insurance agent won't insure the home because it's vacant. I live in Albuquerque, NM. Does anyone know of a good insurance option?
Yeah, that is the worst.
All Risks Ltd. has coverage specifically for vacant properties. Here is a link:
You also might ask locally through Route 66 Insurance. 884-1615
Thank you all very much!!! I appreciate your help!
I just purchased vacant property insurance from Foremost...they have a website and you can buy over the phone. 1950’s property. I bought a stated value policy. They dont cover theft, but cover fire, hail, etc.
I like affinity gm and I am in your market!
I use Formost for my flips.
Foremost is great for a lot of reasons - here is how I use them on a flip. The DF1 policy starts at market value (what you paid) in coverage on the dwelling. As you make improvements let the agent know and they can update coverage to match with a phone call. (Don't call for every little thing - keep it simple)
It's always a 12 month policy but you only have to pay for the portion of the year you are insured. A lot of vacant policies are set up front at (your choice) 3, 6, 9, or 12 months and are fully earned so if you don't need it the full term you selected you still have to pay the full policy cost. If you need longer than expected it can end up being more expensive than if you had just gotten a 12 mo policy from Foremost.
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