Do you need insurance if your just buying and selling/ flipping property

Rehabbing, Fix and Flip, Rental Properties
1

Just starting my own business and trying to understand when insurance is required and for what type of transactions.

Example.1. I am interested in buying foreclosed properties then reselling to a flipper/rehab person… Should I have or need any kind of insurance for this.

Example 2. I buy foreclosed property and flip it myself. I would guess I should have insurance for this on the property and also in case someone gets hurt on the property.

And in both if insurance is required what kind. Homeowner or commercial or contractor?

Thanks

2

Yes. You need special insurance for a vacant home. I use Greenleaf Insurance for this through a local agent. IIRC, it’s $600 or so for a six month premium.

3

Typical homeowners insurance is not appropriate for flipping. Wasted my money on it first couple flips w/o knowing then after speaking with agent learned the carrier wouldn’t like it, don’t cover worker slip and fall which is instead workman comp, 30 day vacancy coverage, etc. Would be interesting what would be better coverage.