Insurance for Flip

[Christian Sifuentes]

Any referrals for insurance company for a flip in Baltimore city? 

Thanks 

[Kevin Romines]

Foremost will do a rehab policy under their vacant policy. You must tell the agent what your plans and timeline are for the rehab, they must go get pictures and get it approved, but once approved your off to the races. Foremost is mostly concerned about the shell of the building, so you have to get any exterior work done 1st. They are not as concerned about the interior of the home.

I like them best because unlike a builders risk policy, you can get liability and theft coverage, neither one of which will you ever get on a builders risk policy. Think about how many people will be coming on and off the property, can you afford to not have liability. Also the house is vacant during the rehab, so it ripe for the picking for someone to come in and steal all the copper and other valuable parts of the home, not to mention tools and supplies.

The part I like the most is that they have a minimum earned premium of $250.00 so if the rehab is done in a short period of time, the most you would be into that policy before you sell it or switched to a landlord policy is the $250.00 I have written in the past, builders risk policy's that are fully earned premium, so maybe a $1200-1500 premium and no matter how long your on that policy, you will never get a refund?