Hi everyone! I am in the market for a new insurance agency that insures "vacant homes" for flips. Should I be telling them they are vacant or "rental units"? Any suggestions / ideas / references?
You need Builders Risk insurance.
Ok I will research that. For the past 2 years I have been getting 6 month policies for flips and paying pretty high premiums. Didn't have a choice apparently. Im on the hunt now for builders risk insurance but do you know if most insurance companies offer that or are they speciality insurance companies I should seek? Thanks!
I just called my agent and they do offer it so I will explore their options. Thanks for the knowledge, truly appreciate it.
@Nik S. you can go with a traditional Builders risk, but there are other insurance programs specifically built for the flipper. I have over 100 clients in a particular program.
I'll send you a PM with the details.