Regular fire or rental dwelling policy on flip house

[Cooper B.]

I have read a number of threads on BP stating that a Builder's Risk policy is appropriate for a flip house undergoing renovation. I have spent a good deal of time attempting to gather quotes for a policy to cover a flip house and have been somewhat underwhelmed by the response from the companies I have called as well as their offerings. The premiums and deductibles were high, and there were even higher deductibles for theft, which is one of my main concerns.

I also called one of the major national carriers and explained exactly what I am doing with the house (i.e., Recent purchase, it is vacant while undergoing renovations, afterwards it will either be rented or sold). They quoted me for a regular fire policy with more than adequate building coverage, stated that building materials on site would be included in that coverage in case of theft, and deductible is $1000 for all covered perils. And, just like any normal homeowner's policy, the prepaid premiums are refundable when the policy is canceled. The policy also carries $300k in liability coverage. The home cannot be vacant longer than 90 days, but that is not in my plan anyway and if it comes to that I will shop for a different policy.

I'm wondering if any other rehabbers have gone this route to cover their properties? Is there some great downside that I am not considering here? It seems like a much better and simpler solution than the other alternatives I have found. (The other quotes I have gotten have been from TAPCO and NREI Insurance by the way.)