Hello! I am in the process of purchasing my first investment property in Atlanta, GA that I will fix and flip. What is the best insurance to get? I read other forums that say Builders risk and vacant home insurance but I am wondering if this covers all aspects? I am also looking for recommendations on insurance companies.
Hello! I am in the process of purchasing my first investment property in Atlanta, GA that I will fix and flip. What is the best insurance to get? I read other forums that say Builders risk and vacant home insurance but I am wondering if this covers all aspects? I am also looking for recommendations on insurance companies.
thank you!
Cassie
Cassie, there are several insurance programs who have insurance policies created specifically for flipping. These programs give you the ability to adjust the occupancy of the property from Vacant, to Rehab, back to Vacant or Occupied as a rental on a single policy. These programs work best for 1-4 unit buildings.
When flipping larger multi families or commercial properties, you will find a traditional Builders Risk will be a better fit and will have a more competitive premium.
Newark, NJ · Member since 2017 · 28 posts · 6 votes
7y
Hi Cassie, I'm also in the process of purchasing my first investment property, so I've been looking into this question as well. I believe you need to have a Builder's Risk policy during the renovation process, and vacant home insurance after the renovation is completed. You should also look into a General Liability insurance policy to protect yourself in the case that someone gets hurt on your property. Try getting a recommendation for an insurance broker from your realtor/network and you can get the specifics from him/her.
Hello! I am in the process of purchasing my first investment property in Atlanta, GA that I will fix and flip. What is the best insurance to get? I read other forums that say Builders risk and vacant home insurance but I am wondering if this covers all aspects? I am also looking for recommendations on insurance companies.
thank you!
Cassie
Cassie, there are several insurance programs who have insurance policies created specifically for flipping. These programs give you the ability to adjust the occupancy of the property from Vacant, to Rehab, back to Vacant or Occupied as a rental on a single policy. These programs work best for 1-4 unit buildings.
When flipping larger multi families or commercial properties, you will find a traditional Builders Risk will be a better fit and will have a more competitive premium.
Hello! I am in the process of purchasing my first investment property in Atlanta, GA that I will fix and flip. What is the best insurance to get? I read other forums that say Builders risk and vacant home insurance but I am wondering if this covers all aspects? I am also looking for recommendations on insurance companies.
thank you!
Cassie
Cassie, there are several insurance programs who have insurance policies created specifically for flipping. These programs give you the ability to adjust the occupancy of the property from Vacant, to Rehab, back to Vacant or Occupied as a rental on a single policy. These programs work best for 1-4 unit buildings.
When flipping larger multi families or commercial properties, you will find a traditional Builders Risk will be a better fit and will have a more competitive premium.
I will PM you additional info.
Tell is all. What a good insurance company to call.