Insurance for flip homes

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Insurance for flip homes

Jim S
Real Estate Investor · Virginia, DC &, MD · Member since 2008 · 261 posts · 71 votes

What type of insurance are you getting for your flip homes and where do you get it from? All the insurance agents I have contacted have rejected insuring a flip home. I finally found one company but it costs $585 for 3 months. ouch.

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Will BarnardPro Member
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Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
15y

My Farmers Agent is able to write a policy through Craftlake Insurance Agency (here in CA, not sure about other states) and while it is the $500 per 3 month deal, it is well worth it in my opinion. Skimping on insurance opens the door to potential huge losses to the investor. Why take on unnecessary risk, just pay the fee!

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  • Chris ClothierBusiness Member
    Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
    15y

    We use Shelter Insurance in Tennessee although i think they are nationwide and it is a vacant dwelling policy. I agree for any worker's comp it should be covered by your GC and you should have a copy of current insurance policies for every contractor you hire to work on your jobs.

    I would also suggest an umbrella policy for your business.

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  • Bradley Derby
    Rapid City, SD · Member since 2012 · 1 post · 0 votes
    14y

    Funny reading the posts. I am a Farmers Agent myself in South Dakota.

    Things to remember:

    Premiums are derived based on more than home value including Credit Rating, Loss History, and LOCATION. CA might have better rates than IL, and Vice Versa.

    Umbrella Coverage: Have it if you do business like this!

    Work Comp is under your business ins, not under home owners. That guy flat out lied to you unless you carry work comp too, (and don't exclude yourself)

    Foremost - Kraftlake - Farmers are all owned by Zurich and are at every Farmers Agent's Disposal. depending on how the risk falls, you can placed in different brands... just like Chevy, Ford, Dodge. They all tow stuff... just with different underlying parts.

    Good luck everyone.

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