Insurance for Flipping

7 Replies

We are GC'ing our first flip and other than insuring the property, what insurance do we need in MA? I'm told Builder's Risk insurance but wanted to make sure that was all we needed. 

@Erica Nagle Call your insurance agent. Builder's risk is a 12 month policy and you have to pay for all 12 months with no prorated rates or refunds. When I called my agent, they told me that regular homeowner's insurance covers everything including liability on the property and it was A LOT cheaper, and I did not have to pay for the full 12 months, only the 4-6 months I will hold onto the property. But call your agent and ask them what the best option would be

Should our LLC have some sort of general business liability coverage?

@Erica Nagle   you should ask your insurance agent... first off... but a G L policy is always smart... builders risk does not cover you for liability.  its a fire and theft policy at least it is in the markets were we build

I have all my insurance through State Farm. What are people's thoughts on going with a larger company like that versus a local smaller shop? Any suggestions on local agents?

Erica, there is a link on my website for insurance for real estate investors, or you can contact Jen Aalerud, PM for contact info

I would suggest calling a local independent agent,  I have my Salem, MA home with National General. I would suggest John J. Walsh Insurance Agency in Salem,MA

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