What type of insurance for rehab

Question

What type of homeowners insurance will be needed for a SFR rehab? Its only minor rehab, we plan to finsh work in 4 weeks and it should sell with in 4 -6 weeks, probably quicker. Can you buy a 3 month policy or do you have to buy 6 months?  Can i just get basic homeowners insurance or do i need some type of construction insurance? We could make it my partners "primary residence" if needed because he still lives with his parents at the moment   :roll:   Thanks for all help.

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Per the lender you would likely be required to insure the amount of the mortgage only. Call them and see.

You already own the house? Or are you buying it?

If you do not own it yet you will likely need a year paid in full at closing.

If you do own it then 3 months is fine then just renew it if you need longer. Usually the longer it is the less it costs but unused time is pro-rated and refunded in the state of Ohio.

I did take courses on Insurance about 3 years ago.

You just want the minimal coverage required or what you need to consider for protecting yourselves?

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yes there is a mortgage on the property

and yes he likely will be there more than his parents house.

any more info?

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Depends on what state.

Is there a mortgage securing it?

The last part is scary.. But, I bet he would be there more than the parents house lol.