Flipping insurance in Florida in 2023?

Flipping insurance in Florida in 2023?

Rental Property Investor · Porter Ranch, CA · Member since 2016 · 31 posts · 40 votes

I've followed up on several leads here in the forum, but none currently cover in FL.  What recommendations for flip insurance do you all have?  Right now I'm looking at foreclosures, so there may be the added issue of evicting the residents.  And of course on purchase, the roofs may be older, which is typically a "no go" for traditional insurance.

1Reply
15 views

Most Popular Reply

Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
3y

I get a builders risk policy for my flips.

See this reply in the discussion

5 Replies

Jump to latestLatest
  • New to Real Estate · Tampa · Member since 2022 · 20 posts · 12 votes
    3y

    For my first flip I used NREIG.  2br/2bt 886sqf condo : $1280 annual.  For my second one I'm using SSW Insurance out of Land O' Lakes.  Same unit type/size in the same community: waiting for quote. 

  • Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    3y

    I get a builders risk policy for my flips.

  • New to Real Estate · Tampa · Member since 2022 · 20 posts · 12 votes
    3y
    Quote from @Greg Appelt:

    For my first flip I used NREIG.  2br/2bt 886sqf condo : $1280 annual.  For my second one I'm using SSW Insurance out of Land O' Lakes.  Same unit type/size in the same community: waiting for quote. 

    I got the quote back from the 'new' provider.   It was about 60% more and the cancellation refund terms are not good.  Basically there is a base fee + monthly and you only get back 50% of the unused portion.  
  • Sheri FluellenBusiness Member
    Real Estate Agent · Cheyenne, WY · Member since 2020 · 122 posts · 64 votes
    3y

    I have a STR in Florida and twice now my insurance companies are cancelling because they're pulling out of the market. FL is hard to insure!!! I hope you can find something reasonably priced.

    The Titan Real Estate Team, Real Broker52 Reviews
  • Rental Property Investor · Porter Ranch, CA · Member since 2016 · 31 posts · 40 votes
    3y

    to follow up, I did end up getting reasonable quotes from NREIG.  $180k coverage was around $185 per month... month to month coverage.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.