Just formed LLC to flip - what insurance do we need?
Hi all,
We are broadening our REI to a new phase - retail flipping. We are partnered (Texas LLC) with a few other experienced rental-rehabbers to try our hand at retail flips.
We are familiar with the builder's risk insurance we need to have on the property itself. Is there any other sort of insurance that the experienced folks would recommend for the LLC itself or for any other part of the process?
Thanks!
Andy
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Real Estate Agent Texas (#692589)
- Highland Properties
#2 Insurance Contributor
- Insurance Agent
- Nationwide
@Andy Webb a builders risk policy only covers damage to the building. So you will need to purchase a separate Liability policy.
You should know There are insurance policies that combined the builders risk/ Liability/ vacant building exposure. These policies are made for flippers and much less restrictive that buying and canceling policies everytime you purchase or sell a flip.
I'll PM you the info
Originally posted by @Jason Bott:
@Andy Webb a builders risk policy only covers damage to the building. So you will need to purchase a separate Liability policy.
You should know There are insurance policies that combined the builders risk/ Liability/ vacant building exposure. These policies are made for flippers and much less restrictive that buying and canceling policies everytime you purchase or sell a flip.
I'll PM you the info
Jason would you mind sending me a PM with that info? I just formed my LLC and need to get things in order before pursuing deals.
