Real Estate Investor · Prairieville, LA · Member since 2015 · 10 posts · 4 votes
I am about to close on a $80K home in Kenner, LA that I plan to flip. I've been getting some quotes for insurance and the premiums are very high.
Quote 1 - Vacant Dwelling Policy from Evanston Insurance Company. $1200 for 3 month term
$160K Property Value (incl. improvements), $300K Limit
Quote 2 - Builders Renovation Policy from Lloyd's of London. $917 for 3 month term
$80K - Property, $300K Liability, $1K deductible
Both seem very high and I can't even use quote 2 because I am not using a licensed GC. I have a licensed contractor, but he is not a GC. FYI - The quotes do include wind (hurricane) coverage which is a necessity around here.
Are these quotes typical? If not, does anyone have suggestions on how to find a better quote.
It's a late reply, but I ended up using NREIG. The rate was about $145/month including hurricane coverage. Some of the deductibles were high, especially for theft. It was the best deal that I could find though.
My experience shows that premiums will ALWAYS be high.... many times I will go "naked" on the insurance, since the flip will only be a couple of months. It's a risky business out there....