Investor · Fredericksburg, VA · Member since 2011 · 36 posts · 9 votes
Do you guys buy insurance on flip properties? My insurance company Allstate won't insure vacant properties and the agent got a quote from another company that runs $1400 for 6 months. That seems awful high to me but since it is the first flip job I'm doing I'd like to get some advices from you pros what I should do next. Should I eat that high premium or forget it and take the chance? Overall the property is in a very safe community so I don't worry about theft as much. I mainly want to cover any personal liability in case the contract got hurt on jobsite or something happen to the neighbors during the construction. Any advice will be greatly appreciated.
They offer insurance on flips. Looking around $55/month for a builder's risk and around 75k insurance on the property. This is too give you an idea, obviously may be different if your property is worth more.
Thanks everyone! I'm just doing my first flip and therefore my first insurance purchase. Went through NERIG.com very quick, professional, and right within my budget. Expecting to sign agreement today. Will report back results.
What would you do if the property burns down in the middle of the night ? Would you prefer to see your investment go up in flames? Just wondering.... Nii