Updated over 6 years ago on . Most recent reply
Homeowners Insurance for a Fix & Flip
Morning BP!
Quick question as I'm working thru my first flip. Is it standard to require Homeowners Insurance premium for the full year to be paid in full at closing?
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John Mocker
#1 Insurance Contributor
#1 Insurance Contributor
- Insurance Agent
- Norwalk, CT
Alan,
Standard mortgage companies generally require a receipt showing 1 year paid in full for homeowners Insurance. If this is a fix and flip you should discuss coverage with your agent. Generally we do not use a Homeowners policy for a fix and flip. Most of our carriers do not want the vacancy or construction exposure. Generally I use a Renovation Buildiers Risk policy for the the Property and a separate Liability policy. There are some companies that will write it as Vacant Dwelling with Renovation.