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Updated over 9 years ago,
Approrpriate Insurance Policy for House Flipping
My partner and I are working on getting offers out soon for distressed properties to rehab and resell. In the meantime, we're making sure we have the appropriate insurance lined up to protect ourselves should things (as they often do) go awry.
We plan to hire a general contractor to manage the rehab project and ensure he has designated our LLC as additionally insured.
We will definitely purchase either a Builder's or Vacant Home policy depending on the work necessary to complete the rehab. In your opinion, should we purchase a CGL (commercial general libaility) policy as well? What kind of incidents would a CGL policy protect us against that a Builder's/Vacant Home policy wouldn't?