Insurance

[Sergio Sifuentes]

Hello BP community,

I'm planning to do my first flip. Question is about the insurances?

Do I need to get one for the house during the rehab process? Does every one does it? how common is it

About my GC. Does he needs to have insurance? If so; Who should pay for it? him or his employer?

[Vanessa Ryder]

@Sergio Sifuentes hey there!

I have just done a ton of research on this topic and wanted to pass on my findings! @Jason Bott is absolutely correct. And your contractor should be happy to add you to his policy (so if his worked gets hurt and goes after you as the property owner you are also covered for liability)

Not a lot of companies that cover fix and flips well (which is my market too). I even got a bid from an agent at one company that was literally a Mickey Mouse homeowners! Yikes! Instant excuse to deny liability in the event of a loss.. 

But the good news is I found a company that has a program specifically for fix and flips!. (Recommended by my contractor who is also an investor).. Happy to pass on their info if you want to message me. But their prices are great and more importantly they are insuring for exactly what you are doing..