Recommendations on property insurance on a flip

[John Kihm]

I'm a newbie and looking for recommendations on getting short term property insurance on a flip. The idea is get the thing reno'd and flipped and a couple months. Florida is a tough place to get home owner insurance though. I think a lot of the other flippers in the Miami area do it without insurance.

Thoughts?

[Eric Belgau]

The automatic coverage for newly purchased property isn't the best way to cover a home you plan to flip. That's not what the coverage was designed for, which can cause issues if a claim comes up.

You should be getting a builder's risk policy to cover the period of the flip, and you should also make sure you have coverage in place - yours or a contractor/sub's - for every company and person that sets foot on the property.