Insurance Policy during rehab

[Jason Woodson]

Hey BP Community,

I'm currently rehabbing a duplex and when I called my insurance company they told me I couldn't put a policy on it until it had working electric/plumbing/hvac/etc.  I'm sure there must be other options out there, but I'm not sure what's available, and if there are caveats such as having contractors doing all the work.

Thanks!! 

[Tony Blanco]

When I purchase homes to flip I get a vacant home policy. These are generally quite a bit more money. Usually over $1000 every 6 months because there is more risk. If I'm purchasing a rental property, I get a rental policy. These are usually well under $1000 for the year. My Insurance agent will allow me to get a rental policy even if the home is vacant for a short amount of time while I do repairs. 

I use Jamie Reynolds State Farm in Londonderry NH. He is very knowledgeable and easy going. I recently switched my automobile, boat and umbrellas to him as well.