So I am doing my first flip and the renovations are completing. The house is about to go on the market for retail sale. I currently have the home insured with REI/Affinity for liability, fire etc with a $3000 deductible. They had theft coverage available but it carried a $6000 deductible, and that's the best that REI offers. I declined, but now that the house is going to be shown and have a sign out front, photos online, etc, I really would like to have decent theft coverage, though the house is in a low crime area. Do any of you experienced flippers, or anyone else, know where I can obtain good theft inclusive insurance for a vacant house, that is no longer undergoing construction, at a reasonable price and a reasonable deductible?
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I've never filed a theft claim in well over 100 rehabs. I've had appliances stolen once, but in a rough area. I also didn't change the locks on one and put about $500 worth of fixtures in the house (still in the box) that were gone the next day, but the previous occupant had a drug habit, I bought the house from his dad. It sucks, but no more than getting a call that the floor is rotted out and needs to be replaced. Part of the game. I have way more trouble with tenants taking stuff when they leave than people messing with rehabs. I actually leave the doors unlocked in most of mine half the time, there just isn't much in there that people can take that has any value. It takes some serious effort to pull a furnace or appliances. What else is in there you're worried about? I always door knock the neighbors and chat them up when I see them so they look out for me. IMO, there just isn't much there for people to take. I'm a risk taker and math nerd by nature, though, I run the numbers on cost vs. exposure. IMO insurance is there for stuff you cant afford to self insure. I run all my insurance with high deductibles, my view is that its there for catastrophe, not convenience.
My deductible is usually $1k++, and without the fridge the appliances dont go above that. Your outside A/C is usually the only thing to worry about, although they'll tear the coppper out of your walls and do $20k worth of damage for $20 in copper in some areas. That's the stuff you need to cover. If you're in a rough area, you're better off spending the money on cage for the A/C than on insuring it IMO.
Saying that, I used Lloyd pro group out of Atlanta, they are a Nationwide dealer that does other companies and a huge outfit, you can give them a call and see what your options are. Most commercial insurers dont have the volume to have as many carriers as they have.
One thing that Affinity offers that you will have difficulty finding is paying for that sort of coverage by the month. Other insurers that offer coverage will want a minimum of three months of premium, and most of them consider the premium earned in full when paid and will not pro-rate a refund for any unused time upon cancellation (once you sell).
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