How to insure 203k home purchase

Question

Buying a SFH we will move into & Househack. First time using a 203k loan to finance rehab of property. House is habitable on day of close through contractors will be working there. How do we insure this - before and after rehab?

Paul Welden · Answer

@Wendy Thurst

Simply get a regular/traditional home insurance policy.

Jason Bott · Answer

@Verna Littleton @Wendy Thurst we rep for NREIG and can share that they will not be able to insure the building if it is owner occupied.

If you are living in the property as your primary home, you would get a standard Homeowners policy.  Give the construction details to your agent and they can advise if the amount of work falls under the standard policy or if they will need to endorse additional coverage onto it.

Verna Littleton · Answer

You will be able to get insurance.  Call NREIG (National Real Estate Investors Group) They specialize in insurance for investors.  They have several types of policies especially for investors that plan to purchase as is and renovate.  Tell the insurance rep what you are doing and they will help you select the appropriate policy.  Good luck!

Andy Sabisch · Answer

You should be able to insure it as a MFH from Day #1.  Shop around to see where you can get the coverage you want at the price you want . . . we have done well with Steadily as they shop carriers and can get what you want for the specific situation you are in.  You will probably get other recommendations from other BP members.  If you want details on STeadily and our agent who is first rate, feel free to message us . . . we have used them for move-in ready properties through complete rehab properties (from rehab thru renting to tenants).