What is your simple go to insurance strategy while flipping houses?

7 Replies

Thanks in advance!

Updated over 3 years ago

Here is the policy I'm considering: Cash Value Policy $50k coverage (market value of home is only $45k) $1k deductible Fire, Water, Wind, Hail, Theft/Vandalism, Named Storm $400p/y premium

I call affinity.  

What are your policy standards if I may ask?

@Justin C.  

Cal is referring to an insurance program specifically built for flippers.  It takes into consideration the 3 different exposures (Vacant, rehab, rented) and rolls them into 1 policy.  All other insurance providers that I know of need to write a several different policies with large deposit to duplicate the coverage.

gotcha, thanks again Jason

@Justin C.  They have different types of programs.  I suggest calling them and seeing if you can work something out. I've found the rates fairly reasonable.  Higher than normal for a rental, but not astronomical.  P: 913.262.1624 / affinitygm.com

Originally posted by @Cal C. :

@Justin C. They have different types of programs.  I suggest calling them and seeing if you can work something out. I've found the rates fairly reasonable.  Higher than normal for a rental, but not astronomical.  P: 913.262.1624 / affinitygm.com

got it, thanks

Originally posted by @Jason Bott :

@Justin C.  

Cal is referring to an insurance program specifically built for flippers.  It takes into consideration the 3 different exposures (Vacant, rehab, rented) and rolls them into 1 policy.  All other insurance providers that I know of need to write a several different policies with large deposit to duplicate the coverage.

 you have to tell them once you go from one stage to another. if you finished rehabbing and property is on the market you need to call them and disclose that fact. only then they will update your policy with the proper coverage and premium. costwise :

rehabbed > vacant > rented(occupied). 

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