I am set to settle on our first property next Wednesday. I am extremely excited however I am having a problem obtaining insurance. I am currently a Maryland resident however the flip property that we are purchasing is in Pennsylvania. I currently rent my home so I only have renters insurance and car insurance. I have both of these through Geico and they don't offer anything. I am purchasing the property through an LLC. I contacted a couple of brokers today that were unable to help me. Has anyone else had this problem or does anyone have any advice?
You may want to google Builders Risk Policy and the county you're flipping in and call a few of them for quotes/advice on your situation. You'll probably be advised on vacant property insurance as well. You may also want to look into workers comp and liability or make sure your contractors have both.
We do write builders risk in PA if that helps. We represent AIG and Zurich the two biggest underwriters on those types of policies.
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