Seeking Duplex insurance for 1st time investor (built 1910)

[Lynne MacFarlane]

Hi BP,

So my husband & I are in escrow on our first investment property, a duplex in Indianapolis (doing the @David Greene Long Distance) and we are hoping to use the BRRR strategy (Buy, Renovate, Rent, Refi). We will be closing in a few weeks and the duplex was built 1910, No contingencies, escrow should go smoothly.

Could you help recommend us an insurance company that would insure new first time investor, who will be renovating first before renting, The current tenants will be leaving so we can renovate, but they were paying $500/mo each; we think with renovation we could get more at least $650. Any ideas on what the insurance companies are looking for? I have a general inspection (including radon and termites) and a plumber 'scope' inspection will also be performed.

Our current home owner's insurance company, Geico, will not give us a quote. I never thought that getting insurance would be difficult, but perhaps we're not asking the right company. Any recommendations for small multi-families would greatly be appreciated! 

Cheers~

Lynne  

[Thomas Landis]

A second vote for Shine Insurance! Jeremy s our go to for all things Insurance. Because he is a broker, rather than captive agent like Gieco, he has a lot more flexibility. I am glad to hear he can insure outside on the Bloomington area. A call to him would be WELL worth your time.