Flipping house insurance company and insurance policy

Rehabbing & House Flipping
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Flipping house insurance company and insurance policy

Lian Shi
Aberdeen, MD · Member since 2015 · 78 posts · 9 votes

Hi All,

I'm looking for an insurance company for our first flip, can anyone recommend an insurance company and what kind of policy we should buy?  Thank you.

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Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
10y

@Darrin Gross was recently a guest on @Mark Ferguson's podcast and addressed the very issue of what type of policy you should get. You should maybe talk to Darrin as he is an insurance broker. Also fellow BP member @Gabriel G.recently found that flips can take a bit longer than expected. He purchased a 3 month policy I think, and probably could have used a longer one. Actually buying a year long policy will be comparable in price to getting the 3 or 4 month policy then adding on the inevitable extension. 

[email protected]301-893-4635Podcast Guest on Show #192
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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    10y

    @Darrin Gross was recently a guest on @Mark Ferguson's podcast and addressed the very issue of what type of policy you should get. You should maybe talk to Darrin as he is an insurance broker. Also fellow BP member @Gabriel G.recently found that flips can take a bit longer than expected. He purchased a 3 month policy I think, and probably could have used a longer one. Actually buying a year long policy will be comparable in price to getting the 3 or 4 month policy then adding on the inevitable extension. 

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
    2Reply
  • Lian Shi
    OP
    Aberdeen, MD · Member since 2015 · 78 posts · 9 votes
    10y

    Hi Russell,  thank you very much for your input. I will contact Darrin for more details. It might be case that short time policy doesn't cost significantly less than 1 year policy.  

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  • Lian Shi
    OP
    Aberdeen, MD · Member since 2015 · 78 posts · 9 votes
    10y

    HI Russell, 

    I have some difficulty to find Darrin Gross's website, do you mind to let me know how to contact him? Thank you.

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  • Jason McDougall
    Rental Property Investor · Decatur, TX · Member since 2010 · 128 posts · 33 votes
    10y

    @Lian Shi

    I recently got a quote from NREI (www.nreinsurance.com) as well as a quote from my local Farmer's agent. The prices were very comparable, but I ended up going with Farmer's because of convenience, and there were a few things that I liked better about their products (I got a $1mil liability umbrella policy from them as well). If you decide to contact a Farmer's agent, let them know that you'd like a quote on a rehab policy from Foremost Insurance. From what I can tell, Foremost won't quote to you directly, they work through Farmer's agents.

    Good luck, and happy house flipping!

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  • Derek Lacy
    Insurance Agent · Maitland, FL · Member since 2015 · 397 posts · 244 votes
    10y
    I highly suggest not foremost. Foremost will only write basic form on vacant property. That means water damage and theft are excluded. A renovators builders risk is what you need. It fixes the above issues. If your truly having trouble, contact our firm. We rep foremost but again it tends to be high priced and low coverage. We can write in all us jurisdictions.
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