Type of Insurance Policy for Owner Occupied Rehab

Type of Insurance Policy for Owner Occupied Rehab

Lake Worth, FL · Member since 2015 · 4 posts · 0 votes

I am under contract on a fixer upper foreclosure that I will be living in, while making necessary updates and renovations over the course of a year or so. It is a single family, one story home that the previous owners were living in.

The property in the current condition will not pass a 4-point inspection, but will within a matter of weeks, once we can close on it.

I am looking for help with....What type of policy is my best option and any suggestions on insurance companies that work with fixer uppers that need work before being 4 point approved?

Thanks in advance!

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  • Baltimore, MD · Member since 2015 · 301 posts · 82 votes
    11y

    I had a similar issue with finding insurance for my house during the rehab phase of a 203k loan. I ended up reaching out to an insurance broker who guided me to a local company called AllRisks. They were able to provide coverage of a house that is getting completely gutted. You might want to reach out to a local insurance broker for help.

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