Builders Risk Insurance

Rental Property Investor · Clearwater, FL · Member since 2013 · 151 posts · 41 votes

Do you know a good Builders Risk Insurance that will insure a flip property for 4-6 month?

We are located in FL.

We have worked with Zurich in the past, but then they wanted a GC even for work that does not require a GC (like an AC changeout).

Thanks

Stephan

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Jay HinrichsBusiness Member

Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes

we have a Proctor account.... but I think you need to have at least 50 props on it at anyone time.

works like Zurich you e mail in addresses as you bring new projects on and email them when they are sold.. they charge monthly works great.

of course its not the best insurance 5k deductible and takes a while for a claim we had wind damage in Orlando on a project ( thankfully the only one with the last hurricane) and it took at least 45 days to get a check but the amount was sufficient to fix it

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
9y
we have a Proctor account.... but I think you need to have at least 50 props on it at anyone time.
works like Zurich you e mail in addresses as you bring new projects on and email them when they are sold.. they charge monthly works great.
of course its not the best insurance 5k deductible and takes a while for a claim we had wind damage in Orlando on a project ( thankfully the only one with the last hurricane) and it took at least 45 days to get a check but the amount was sufficient to fix it
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Jason BottPro Member
Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
9y
@Stephan K. there are several alternative to Zurich. I will PM you the info.
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Thomas FranklinPro Member
Real Estate Investor · Miami, FL · Member since 2010 · 939 posts · 739 votes
9y
Jason Bott I have also found it difficult, to find an Insurance Company that will craft a policy that will meet my specific needs, for my Flip Projects. Any insight you can provide would be extremely helpful.
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Jason BottPro Member
Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
9y
@Thomas Franklin I just sent you a PM.
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Geoffrey Schnake
Property Manager · Saint Petersburg, FL · Member since 2016 · 113 posts · 87 votes
9y
i use tapco. they sell a policy has a refund if you get done early. ive never tried to place a claim though.
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Justin Stamper
Investor · Orlando, FL · Member since 2012 · 822 posts · 303 votes
9y
yeah I use tapco as well, I am all about that refund for speed.
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Jason BottPro Member
Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
9y
@Geoffrey Schnake and
@Justin Stamper, the other programs out there do not require the large deposit, so you pay as you go, with 60 days down to start the policy. Maybe an option to consider.
I have used Tapco for different types of businesses and they can be a great solution for policies under $1000 per year.
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Account Closed
Investor · Bushnell, FL · Member since 2016 · 456 posts · 224 votes
9y
@Jason Bott could you pm me as well .. Jason .... here's a question .. what do you do about Worker comp when you are a ithe managing partner on a flip ? .. my investing partner has informed me that i am not allowed to hire any laborers on our flip house .. even for yard clean up .. the property we purchased is a horder house and although the seller is supposed to have it cleaned out but close this week .. i can not see that happening .. i planned on hiring a few laborers to help me with the clean out and any work that i tackled to save costs and increase profits ..but now i think my only option is to go to a day labor temp agency .. im pretty sure they cover WC .. what does everyone else do .. ? im going to start a thread also .. thanks in advance ..
michael short
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Jason BottPro Member
Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
9y
@Account Closed your partner is concerned about undcovered work comp claims. I would be too.
Here are a few options and what I see my other client do;
1) the flipping entitiy gets it's own work comp policy. This may not be very expensive if you will do multiple flips in this entity as you can then leverage the low cost day labor for garbage pick up/hauling, etc.
2) Temp agency that has work comp on the workers
3) Hire a contractor like a landscaper who will have work comp and lower end labor costs
4) Get a bottle of Advil and start doing it yourself
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Account Closed
Investor · Bushnell, FL · Member since 2016 · 456 posts · 224 votes
9y
@Jason Bott thank you for you answer .. I like the last one a lot .. although i am afraid morphine and Vicoden would better suit my back .. lol... I am think about seeing how much WC would be for that project .. even if i have to cover it out of my end .. I dont mind hiring the right man for the job but I hate to pay a GC $50 - 70 bucks a hr to have a laborer in there that he is paying $12 .. or a skilled laborer $15-20 .. I had a plan in my head to hire a few semi skilled to do the jibs that I know how to do well but just don't have the back for it any longer .. but i would over see their work and make sure that it is done to my satisfaction without paying the high prices a contractor charges .. I suppose thats one reason they charge what they do .. I have a call into the day labor agency ..my next will be to a insurance agency that provides WC ins .. thank again for the feedback ..
michael short
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