Insurance Requirements for flippers?
What insurance do I need to start flipping.
Evan Polaski
#4 Multi-Family and Apartment Investing Contributor
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#4 Multi-Family and Apartment Investing Contributor
- Cincinnati, OH
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Evan Polaski
#4 Multi-Family and Apartment Investing Contributor
Pro Member
#4 Multi-Family and Apartment Investing Contributor
- Cincinnati, OH
@Al Tulone, I carried property insurance for the asset. Not saying this is the best bet. I also didn't do any work on the property, which could have required general liability insurance as a contractor.
I was told Builders Risk and Construction General Liability.
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Make sure the policy covers vacant properties under construction on the structure. You probably want general liability insurance for your business. Someone could sue you if they get hurt on the property or a buyer could sue you for workmanship issues. Also make sure any materials and tools on site are covered for theft. Your general contractor may cover that, but good to figure out who is responsible. It is common for construction sites to be robbed.
Builders risk policy and liability protection are essential.