Insurance while flipping a home

[Donna Mancuso]

We are currently an LLC. My partner took out a business license and commercially licensed us. On top of that he purchases homeowners insurance for each property when we are working on it. Is that over kill?

Do you need homeowners insurance on top of business insurance while flipping a home in Nj? 

Thanks 

[Jason Bott]

If you insured the business as a Real Estate office/Property Management firm, there is a 99% chance the business insurance does not provide any coverage for the properties.

Technically, if you are flipping the properties, and not occupying them as your primary residence, you want to insure the properties with a Builders Risk policy, not a Homeowners policy.