Moldy Flip/Builders Risk Ins. Policy or None?
Aloha everyone. I am looking at flipping a home that is full of mold. Having multiple insurance people in my family, I was challenged with the question of insurance, which would be required by the HOA.
The numbers on the project work great even though it is a large undertaking. Also, my partner in this flip is a friend with experience flipping and owns contacting company. With that said, he's never bought something this moldy and traditionally has just foregone insurance until the flip is complete.
What do you guys/gals do or would you do in this situation? Get insurance? Forego insurance? I was advised that no fir level insurance company will touch it and I will have to seek out the secondary market like Lloyd's of London or a Korean market and it will be pretty expensive.
Thank you in advance.