Fix and Flip Insurance Policy

[Ross Carlson]

All,

My partner and I are purchasing a home in Illinois to Fix and flip. The plan is not to live there during this time and to do the follow renovations (update bathrooms, redo kitchen, fix roof/replace roof, paint, decorate etc.) There will be no new additions or major construction taking place. The property does have a pool if that matters.

What type of insurance does everyone typically go for? Is it Vacant Home Insurance, Builders Risk insurance, or Home Owners insurance?

Thanks,

Ross

[Jason Bott]

Quote from @Ross Carlson:

All,

My partner and I are purchasing a home in Illinois to Fix and flip. The plan is not to live there during this time and to do the follow renovations (update bathrooms, redo kitchen, fix roof/replace roof, paint, decorate etc.) There will be no new additions or major construction taking place. The property does have a pool if that matters.

What type of insurance does everyone typically go for? Is it Vacant Home Insurance, Builders Risk insurance, or Home Owners insurance?

Thanks,

Ross

 Ross, for your specific situation, you will want a Builders Risk policy.  

If you live there during the Reno, then you would go with a Homeowners policy with a Builders Risk Endorsement.

Lastly, a Vacant Building policy is meant for a property that has no occupancy and no renovations going on.

Good luck with the flip!