Insurance Coverage During Rehab?

Question

Just bought my first BRRRR house in NW Wisconsin and looking for recommendations on insurance providers who will cover the property during the rehab.  $30k purchase price, $120k estimated ARV.  Got a quote from our current insurance provider and that's about 3-4 times higher than I had anticipated.....  Any recommendations for carriers you've used during a BRRRR rehab and have been happy with their coverage/cost value?

Ruth Geller · Answer

@Amanda Wilson an insurance broker should be able to shop it out for you and get the best available price.

Steve Donovan · Answer

Hello @Amanda Wilson  You should check with the REIA in your area, they oftentimes have vendor sponsors or lists of vendors that come highly recommended by their members.  I see you are a fellow Wisconsinite, so you might want to start with WiscoREIA https://www.wiscoreia.com/.  They have groups throughout much of the state.  You should consider joining as well, they will be an ongoing source of advice and access to likeminded individuals.  Best of luck in your investing future!

Peter Falk · Answer

I don't have a good option.  I've been told many insurance companies don't like insuring vacant houses.  My agent said they'd just do a 6 month minimum term and not credit anything back if cancelled earlier when we last talked about this awhile back (Ryan Waite with Neckerman Insurance in Madison, WI)

Whitney Hutten · Answer

@Amanda Wilson NREIG is one that my flipper friends use often. I have no experience with them.

Charles Carillo · Answer

@Amanda Wilson

Call local investors in your area and ask who they are using and what they are paying.

Kelly A. · Answer

maybe Indianhead or northwestern insurance

Amanda Wilson · Answer

Thank you all for the suggestions!  @Steve Donovan I will check with the contacts I have at the Eau Claire WiscoREIA - I have attended their sessions a couple of times.  Thanks for reminding me of that resource!  @Whitney Hutten - Thanks for the NREIG recommendation - one of their agents contacted me as well.  Appreciate everyone taking the time to share their ideas!

Insurance Coverage During Rehab?

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