I am finding it difficult to find insurance in Florida for investment properties. Our business is flipping, and we would like to protect the structure and our equipment/supplies while we are working on the property. But we can not find anyone willing to do monthly or quaterly insurance. All we can find is an annual policy (non-refundable) with a 1K payment. That tends to eat into the budget alot on these homes.
What options do I have, or how are others insuring investment properties?
I purchased builders risk during “construction” from the company that handles my homeowners. It’s not their policy; it’s a third party insurer but they handle all the paperwork. It’s a 6-month policy, but if I cancel at 3 months I get a refund of the 2nd 3 months. When I’ve completed rehab I go with a standard owners policy.
That is what I am trying to find, however all I seem to find is a 12 month - no refund annual policy for 1K+. Do you mind telling me what that company is you are dealing with?
homeowners is thru Nationwide. I think the builder’s risk was thru Scottsdale something or other. Scottsdale Casualty maybe? I’ll try to remember to look tonight.
eglwolf,
You need to find an INDEPENDENT insurance broker in your area not an Allstate or State Farm or Nationwide guy/gal. If those folks can’t do it, they often will go to an Insurance Wholesaler who will only offer them an annual policy, fully earned at inception (no refunds).
An independent broker will have more options available to them as their hands aren’t tied by a “mother” company.
Good luck! (I don’t write in Florida)
Please contact me if you need any help with your insurance needs or visit our website at www.renovatorsinsurance.com for more information.
Thank You!
Sincerely,
Tom Jouras
Renovator’s Insurance
800-790-4872 Ext 625
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