Seeking recs for Builders Risk/Gen Liability Insurance Company

3 Replies

Hey BP Community! Does anyone have a good recommendation(s) for an insurance company providing builders risk/general liability policies for house flipping? We are located in Nashville, TN, but can go with national company of course. Any recs very appreciated. Thanks!

Lauren,

My recommendation is to contact an Independent Agent in that state.  We uses Several Carriers for the Builders Risk policies and depending on the project, decide which is the best for the client.  One difference that factors in is the Term length and what happens if the project finishes sooner.  There are some carriers that the premium is fully earned and others that allow for a return of premium if the policy is cancelled sooner.   I generally look to a 12 month policy that allows for a pro-rated refund on cancellation.   I've found that the fully earned (no refund) policies on a 3 or 6 month term offen end up costing more when you have to renew for another term.  

On the Liability side, look to see if there is an agent who represents USLI Insurance.  They have several options depending on whether or not you are using a General Contractor (GC) or not.

One area often overlooked in the Insurance planning of a project is the Workers Compensation coverage.   If you are paying any of the subs directly you need to consider a policy as well as making sure the subs have their own coverage.    Workers Comp. laws are state specific so you should discuss it with the agent you are working with.

Good luck on the project