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Updated almost 3 years ago on . Most recent reply

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Corbett Brasington
  • Rental Property Investor
  • San Antonio, TX
28
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67
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Flipping: Insurances needed and recommended?

Corbett Brasington
  • Rental Property Investor
  • San Antonio, TX
Posted

So when you buy a home you have to have homeowners insurance normally.  If its in a flood zone you also have to have flood insurance. 


When flipping or in any business you want general liability, but are there any other insurances or specific types of insurance that is recommended when flipping homes?

Most Popular Reply

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John Mocker#1 Insurance Contributor
  • Insurance Agent
  • Norwalk, CT
1,204
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John Mocker#1 Insurance Contributor
  • Insurance Agent
  • Norwalk, CT
Replied

Corbett,

With Flipping properties you generally need a Renovation Builders Risk policy to cover the existing building and the improvements/additions being done.  It can include the liability or that can be a second policy.  Occasionally, companies will use a different policy, a Vacant Dwelling policy endorsed to include the renovation. 

You may also need coverage for Workers Compensation depending on your state laws/regulations, who hires the workers, and if your GC and subs have coverage.

Other coverage you may need include:

- flood insurance

- Contractors Equipment coverage (if you own or rent the equipt)

- Business Auto coverage

And others depending on the details of the project

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