Insurance problem ...

[Yakir Aloni]

Hello guys question..

i just bought my first brrrr or flip property and I want to ask if anyone here know if I need to have insurance and if yes which type of so if something happened i fully covered!!?? Ty for your help..

I have  a contractor with license. 

[Stuart Udis]

Domonic is right, builders risk until the renovation is completed but it's important to review the policy and understand the vacancy period that's allowed. Depending on how long it takes to lease the home you may need vacant property coverage until the home is occupied. Aside from coverage you will obtain, its important the general contractor and sub-contractors responsible for the renovation carry CGL coverage and Workers Comp (if there are employees) and ideally professional liability/E&O. While E&O is less common for contractors it's a huge coverage gap. The same should hold true for a property manager if you rely upon one. It's important to be listed as additional insured under these transaction participants CGL and E&O policies. As a general rule of thumb the additional insured status should be a contractual requirement in the underlying agreement, and the insurance certificate should be accompanied by an endorsement. Merely getting an insurance certificate, even if it states" additional insured" is not always sufficient.