My first FHA 203K project - Getting an home insurance quote

[Bilal Hussain]

Hi everyone, Happy Thanksgiving!

Im currently in the process of closing my first multi-unit deal in Chicago and could use some insights on getting a home insurance quote. 

This is a FHA 203K project and I'll be renovating the building for the first 2-3 months before renting it out. The rehab includes; interior and exterior painting, trim work, full kitchen, full bathroom, replacing flooring, recessed lighting and adding AC/condenser.

No major structural repairs, roof or furnace. 

Im looking to get a quote on insurance and I've researched that I should consider getting a renovation/builders risk policy. 

What are some key things I should consider and pay attention to when it comes to picking out a policy?

I got a quote from an agent; Home insurance policy is $1900/year which is reasonable but I was told by the agent that i should also consider a builders risk policy for the months its being renovated and then switch over to the regular policy. The policy is coming out to $6000/year which is $500/month for 2-3 months of renovation work. 

I appreciate the help and have a great weekend!