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BRRRR - Buy, Rehab, Rent, Refinance, Repeat

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David De La Torre
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Insurance for Property in Cleveland, Ohio

David De La Torre
Pro Member
Posted Apr 18 2024, 13:06

Hello!

My first out-of-state rental property in Cleveland, Ohio is almost done rehabbing. It's a 4 bed 1 bath and I'm open to either renting it or selling it (if I'm offered a price around the ARV). I'm trying to figure out what kind of insurance plan to get that would be suitable for both these exit strategies.

I'm not trying to pay for what I don't need but I would like to be fully covered for an affordable price. 

Can anyone recommend me a great insurance company that's also headache free when it comes to filing claims?

May you also recommend the right questions to be asking these companies? 

Thank you and Happy Investing!

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Andrew Weiner
Property Manager
  • Property Manager
  • Cleveland, Oh
302
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247
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Andrew Weiner
Property Manager
  • Property Manager
  • Cleveland, Oh
Replied Apr 18 2024, 16:18

I'll send you a few names in a DM

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David De La Torre
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David De La Torre
Pro Member
Replied Apr 24 2024, 21:46

Thank you!

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Collin P Oakley
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Collin P Oakley
Pro Member
Replied Apr 25 2024, 09:56

I am having an issue with insurance renewal, do you mind sharing information with me as well?

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Christopher Spear
Pro Member
  • Contractor
  • Cleveland, OH
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Christopher Spear
Pro Member
  • Contractor
  • Cleveland, OH
Replied Apr 25 2024, 12:04

Hi David,

Call Chris Okeson at Busha-Okeson Insurance Agency. 216 766-6300

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Keyano Burgess
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Keyano Burgess
Replied May 6 2024, 09:18

Braeden Friss with State Farm Insurance is my go-to guy: (440) 328-7626

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Collin P Oakley
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Collin P Oakley
Pro Member
Replied May 10 2024, 12:29

Thank you all for the recommendations, I was able to get help from Owen Rosen.

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Jake Baker
Tax & Financial Services
Pro Member
  • Investor
  • San Diego, CA
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Jake Baker
Tax & Financial Services
Pro Member
  • Investor
  • San Diego, CA
Replied May 12 2024, 14:28

@David De La Torre

Be sure to have builders risk insurance while you are rehabbing. Once you refinance, change it to a rental policy. I have gotten burned before because I didn't have the right insurance while I was rehabbing. 

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Owen Rosen#5 Rehabbing & House Flipping Contributor
  • Professional
  • Keego Harbor, MI
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266
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Owen Rosen#5 Rehabbing & House Flipping Contributor
  • Professional
  • Keego Harbor, MI
Replied May 12 2024, 20:26
Quote from @Collin P Oakley:

I am having an issue with insurance renewal, do you mind sharing information with me as well?


 Thanks Collin, happy to help.