Insurance for flipping
What type of insurance do you all recommend for short term real estate holding and construction. Liability, etc? Also how do you generally hold title? LLC?
Our plan is to flip and only hold for 4-6 months.
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#2 Insurance Contributor
- Insurance Agent
- Nationwide
The vacant building policy is an option, but it is not ideal for flipping. A vacant policy typically excludes the following,
A builders risk policy will typically cover these perils.
An added coverage the Builders risk covers is "Property in Transit". Think of picking up windows or cabinets form Home Depot and then getting into an auto accident. Damage to the windows and cabinets would be covered. The typical limit for "Property in Transit" is usually $10,000 or $25,000.
Hope this helps
Does anyone have contact info for NREI? Google turns up nothing.
@Jason Bott Does this program still exist? Found this thread through a google search for "Flip insurance".
Still flipping in South Florida? Would love to connect.
#2 Insurance Contributor
- Insurance Agent
- Nationwide
@Matthew Marini, it is thriving. I will PM you the info.
@Jason Bott Can you please send me that info as well if you have it. I have read through this thread and am interested in getting more info.
Thanks.
#2 Insurance Contributor
- Insurance Agent
- Nationwide
Not a problem. I'm sending over now.
May I please also be placed on your list to receive information? I am about to list my first flip and want to be prepared going forward. Thank you!
@Jason Bott it appears that you have a hot item. Would you mind adding me to the list as well. Thanks for your consideration to this matter!
Looking into REIGuard is definitely worth the time. Great support staff and communication, easy to understand proposals and quotes. Insurance for Flipping and Buy & Hold projects. I highly recommend contacting Jason Bott to get started.
I've spent a lot of time shopping insurance options locally and you really need to find an agent or company that understands this business. You can have a real conversation with these people about what you do and they actually understand. They understand Vacant, In Renovation, Occupied, etc....they make it super easy to change between them, it's billed monthly, and the policy also includes general liability coverage, I haven't come across this comprehensive of a plan yet.
@Brandon Turner - We really need a podcast to discuss insurance needs, requirements, and options. This is something so many newbies and experienced investors are still struggling with.
@Jason Bott Please PM me this info also. Thanks
#2 Insurance Contributor
- Insurance Agent
- Nationwide
@Pete Pucci I just emailed over to you.
@Tony Wooldridge I just sent over
@Matthew Marini I'm glad I could help with pointing you in the right direction for the flipping program and help with the rest of your business insurance. I'm confident we can find some good options. thanks again for the opportunity!
@Matthew Marini I completely agree with your assessment of REIGuard. They certainly seem so much more educated on the investor side of insuring houses. I believe I am going to use them with my up and coming 1st Rehab.
@Jason Bott thank you Sir, I got your colleague request and wanted to thank you for the info as well as your help!
@Tony Wooldridge I've been using REIGuard for all my properties now since discovering them about 6 months ago. Best discovery ever since started investing. They've saved me a ton of money, and simplify the process. I love how they put all your properties into one invoice, and send it to you early in the month with reminder to make any changes for that month. This saves so much time, and prevents you from paying for properties you've sold, or reminds you to swap properties to occupied, etc.
I agree Matthew. There's a lot of discussion about liability LLCs incorporating, then the whole insurance vs LLC debates.
I guess this all falls under asset protection.
What do the Renovation insurance rates run on typical $500k SFR in Southern California?
I'd assume some hard money lenders would recommend or require this sort of insurance on a rehab/flip?
@Jason Bott would you email me the insurance info as well. Would like to get more info on that. I'm here in CA. Thanks.
Jason Bott - I am interested in your insurance program for flipping. Will be starting a new project in a few weeks! Please pm me! Thanks!
#2 Insurance Contributor
- Insurance Agent
- Nationwide
@Yia Her & @Elizabeth Moore, I sent via PM. Good luck on the projects!
@Jason Bott When you get a chance, I would like the insurance program for flipping. thank you in advance.
#2 Insurance Contributor
- Insurance Agent
- Nationwide
@Luis Acevedo sending over now.
NREIG / REI Guard is the best option nationwide. Haven't found anyone that beats their policies. I use them exclusively for all my deals. http://nreig.com/
#2 Insurance Contributor
- Insurance Agent
- Nationwide
@Account Closed They are a good option and one of many I offer my clients.
NREI does not offer named storm coverage - important for those of us in hurricane areas. Their product seemed perfect for me until I found that out.
@Jason Bott - I am also interested in your insurance program for flipping. We will be starting a new business in the near future and would like additional information. Thank You.