Insurance for Rent-to-Own a REHAB in Memphis

[Allison Nog]

I Have some properties in Memphis that need a complete REHAB. People are asking me if I do rent to own these properties. I'd love to, but I'm concerned about liability in case of accidents. Is there an insurance that covers any incident while the tenant is REHABing  the house? The properties are very cheap ($9k to $20) ! Thank you!

[Jason Bott]

Originally posted by @Allison Nog:

I Have some properties in Memphis that need a complete REHAB. People are asking me if I do rent to own these properties. I'd love to, but I'm concerned about liability in case of accidents. Is there an insurance that covers any incident while the tenant is REHABing  the house? The properties are very cheap ($9k to $20) ! Thank you!

 Allison, can you structure the deal so your the renter is not added to the deed?  If so, a traditional landlord policy may be all you need.  

If the rehab is beyond cosmetic, a Builders Risk policy may be needed.  But be aware that most Builders Risk policies do not allow the property to be occupied during the renovation.