Updated over 8 years ago on . Most recent reply
Insurance Policy during rehab
Hey BP Community,
I'm currently rehabbing a duplex and when I called my insurance company they told me I couldn't put a policy on it until it had working electric/plumbing/hvac/etc. I'm sure there must be other options out there, but I'm not sure what's available, and if there are caveats such as having contractors doing all the work.
Thanks!!
Most Popular Reply
When I purchase homes to flip I get a vacant home policy. These are generally quite a bit more money. Usually over $1000 every 6 months because there is more risk. If I'm purchasing a rental property, I get a rental policy. These are usually well under $1000 for the year. My Insurance agent will allow me to get a rental policy even if the home is vacant for a short amount of time while I do repairs.
I use Jamie Reynolds State Farm in Londonderry NH. He is very knowledgeable and easy going. I recently switched my automobile, boat and umbrellas to him as well.