Orlando, FL · Member since 2009 · 2k+ posts · 282 votes
It's not really that big of a rehab. It requires a new air handler, a repipe that will take approximately one day, some minor electrical work, and cosmetics. I don't know if I can just get a normal landlord's insurance policy, or if I should get a builder's risk or vacancy (I don't know if there's a difference between those two) policy from a company like Foremost. The work shouldn't take more than three weeks.
A landlord policy generally only protects houses that are occupied (either by owner or tenant). Many landlord policies will require that the house have been occupied within the past 90 days to consider a claim (though this may vary by insurer).
So, in general, a builder's risk policy is the way to go during construction/renovation.
All that said, I'm not an insurance agent, so YMMV...
thanks. I wasn't sure whether it was necessary to get that for a brief period of renovation, or if it was only for major work. I'll call them and find out.
thanks. I wasn't sure whether it was necessary to get that for a brief period of renovation, or if it was only for major work. I'll call them and find out.
Bienes, I've done three renovation so far and will start another one in February. I didn't have any insurance during any of my renovations, but that is up to the level of comfort that you have. Marlene dietrich insured her legs because that was her most expensive assets. Every independent contractor should carry his /her own policy which includes workman's comp for his /her employees. You should include that requirement in your agreement. If you chose to have an additional policy, that again, is up to the amount of risk you are willing to take.
Get the builders risk until you have it tenanted. It will likely get you better coverage on your building materials - which are generally not covered under landlord policies.