Insurance recommendations for wholesaler prehabbing a property

[Jennifer C.]

Hi everyone.  I appreciate your time reading this and throwing me any information you might have that could help me with an insurance question.

As new investors, my husband and I are close to closing on our first property, a condemned home that is going to need full rehab.  We plan to sell it to a rehabber, and at most we will clean it out and perhaps do a very light pre-hab.  We're too new to try to tackle an actual flip.  I have been talking to a few insurance companies about our options for covering this property and I have gotten some really confusing responses.  The home, obviously, is not occupied.  It's also very small (about 970 sq ft) and therefore very inexpensive for us to purchase.  

That's all good and well, but the most recent agent I spoke with told me "it's too small and too low-cost to insure with ANY type of policy."  I kind of find that hard to believe, and that answer seems weird to me, but that's why I'm putting the question out there for more experienced people to help me out. 

I will continue doing my homework (not asking for a free ride!), but I was hoping someone out there could point me in the right direction with different types of policies for this type of property and our exit strategy.

Thanks a lot!  

[Steve Babiak]

Try the company in @Tim Norris 's profile;  they offer monthly premiums for builders risk and vacant policies.  Other companies often want several months earned even if you cancel early (because it is just as much work for them to cover you for one month or three, so they want some profit out of it by making these short term type policies non-refundable).