Hi Rehabbers!
I am currently looking at purchasing three distressed single family homes. I was wondering what type of insurance you ask for when the home is vacant, existing and needing repair.
I spoke to my insurance agent and have been referred to another assoicate in her company. The agent had concerns about making a claim against a builders risk policy (since the structure was existing. Insurance company I am dealing with is all state.
thanks for any help.
You are dealing with an insurance agent that does residential and has no idea what you are doing. I have Allstate at my personal residence and asked the same question. I got the same type of gibberish. Go to your local real estate investor’s club meeting. There should be some insurance guys advertising in the flyers there. Talk to them.
hi
Yes it is a builders risk policy
I have gotten 1 on all my rehab non owner occ. homes
very inexpensive and you can get a policy for less than a year if you plan to resell it fast
i am sure most ins. agencies know about this kind of policy
Duh, who do you go through. OUr vac house insurance is through Traveler’s and we paid 1900 for a year, with $5,000 personal property (for tools). Another REI investor recommended them to us. the House is insured for 165k.
I’ve used this company for a couple of things:
http://www.irs-incorporated.com/real_estate_investors.htm
I get builders risk through my nationwide agent, but the policy is written by Scottsdale Insurance (or something like that). $950 for 6 months. no refunds.
my agent is in fl. but my guess is any ins. agency can get a builders risk policy .
get 1 for like 3 or 6 mos. and renew it if needed cause they dont refund unused portion.but check prices for a year from what i remember the cost isint much more to get a full years coverage