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BRRRR - Buy, Rehab, Rent, Refinance, Repeat

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Yonia B.
  • Realtor
  • Monmouth County
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Best Affordable Property Insurance for Multi While being Rehabbed

Yonia B.
  • Realtor
  • Monmouth County
Posted Oct 14 2022, 03:33

Hi BP friends,

I am currently about to take possession of a 7 unit property that we are going to Brrrr.  I am looking for recommendations on affordable property insurance for multis while being rehabbed.  Any one that has gone through a Brrrr in NJ before that insured their properties, please let me know who you used to insure your property with?

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Jason Bott
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#2 Insurance Contributor
  • Insurance Agent
  • Nationwide
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Jason Bott
Pro Member
#2 Insurance Contributor
  • Insurance Agent
  • Nationwide
Replied Oct 14 2022, 06:21

@Yonia B. A few questions to determine if you will fit into a traditional Builders Risk policy or Landlord policy with an endorsement to cover the renovations.  

Will the property be more than 70% occupied while you turn over the units?  

Will you be doing any structural work, or complete overhaul of the mechanical systems?

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Eliott Elias#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Investor
  • Austin, TX
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Eliott Elias#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Investor
  • Austin, TX
Replied Oct 14 2022, 06:44

Happy to connect you with my insurance broker 

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User Stats

90
Posts
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Yonia B.
  • Realtor
  • Monmouth County
37
Votes |
90
Posts
Yonia B.
  • Realtor
  • Monmouth County
Replied Oct 16 2022, 07:35

@Jason Bott Hi Jason, the property will be completely empty of any tenants living there while rehab is taking place.  As far as mechanical systems, yes, I would say it's going to be a complete overhaul since we are re doing  new electrical, hvac, plumbing etc.

User Stats

90
Posts
37
Votes
Yonia B.
  • Realtor
  • Monmouth County
37
Votes |
90
Posts
Yonia B.
  • Realtor
  • Monmouth County
Replied Oct 16 2022, 07:37

@Eliott Elias

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Jason Bott
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#2 Insurance Contributor
  • Insurance Agent
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Jason Bott
Pro Member
#2 Insurance Contributor
  • Insurance Agent
  • Nationwide
Replied Oct 17 2022, 06:29

@Yonia B. You would go with a traditional Builders Risk policy for this project.  There are several commercial insurance carriers who handle these larger projects.  I'll send you the list of carriers we use.

User Stats

90
Posts
37
Votes
Yonia B.
  • Realtor
  • Monmouth County
37
Votes |
90
Posts
Yonia B.
  • Realtor
  • Monmouth County
Replied Oct 19 2022, 09:27

@Jason Bott great, please do, I would appreciate that. Thank you!

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Yonia B.
  • Realtor
  • Monmouth County
37
Votes |
90
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Yonia B.
  • Realtor
  • Monmouth County
Replied Oct 19 2022, 09:30

@Eliott Elias Hi Eliot, that would be much appreciated.  Please dm me the info on your insurance broker.  Thank you!

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Jason Bott
Pro Member
#2 Insurance Contributor
  • Insurance Agent
  • Nationwide
1,406
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Jason Bott
Pro Member
#2 Insurance Contributor
  • Insurance Agent
  • Nationwide
Replied Oct 19 2022, 09:30
Quote from @Yonia B.:

@Jason Bott great, please do, I would appreciate that. Thank you!


 Yonia, already sent:)

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Yonia B.
  • Realtor
  • Monmouth County
37
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90
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Yonia B.
  • Realtor
  • Monmouth County
Replied Nov 1 2022, 07:28

@Jason Bott Hi, never did get that list.  Did you dm me the info?

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Jason Bott
Pro Member
#2 Insurance Contributor
  • Insurance Agent
  • Nationwide
1,406
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2,472
Posts
Jason Bott
Pro Member
#2 Insurance Contributor
  • Insurance Agent
  • Nationwide
Replied Nov 1 2022, 10:00
Quote from @Yonia B.:

@Jason Bott Hi, never did get that list.  Did you dm me the info?


 Yonia, I'll try again.  I'll also leave you a voicemail.