Property /landlord insurance on a flip?

5 Replies

I just closed on a cash flip deal. I’ve been trying to find an insurance company who will provide insurance for me during rehab (3 months) but can’t find any. I can’t lie and tell agents it’s for longer, then cancel (another investor suggested I do that.

Any suggestions?

@Evan Murnighan Insurance companies don't insure property like that. If you find one that will, it will be outrageously expensive. Typically, the house has to be occupied and they will want proof that it is occupied. My suggestion is to get to work on your rehab and get it sold quickly.

Get a builders risk policy, I have one through USLI, United States liability company. It's a 12 month policy but you only pay for as long as you need it, and are refunded anything not used. Mine cost me about $1700 for the year.

@Jason DiClemente is correct, a Builders Risk policy is what you need.  @Anthony Dooley I have been in the insurance field for over 15 years, there is insurance for any type of property.  (I don't sell it, I work on the claims side.)  If you do flips I suggest you look into Builders Risk policies as well.

@Michael Baden I don't do flips and I don't buy things I Don't need.

Thank you all for replying. The builders risk policy sounds like exactly what I need.

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