Flip Insurance Coverage

[Laura B.]

I'm closing on my first property (YAY!) in a couple of weeks, and working on setting up insurance. The insurance provider that I have my personal home and auto insurance under (State Farm) quoted me for a Rental Dwelling Policy. When I inquired about a Builder's Risk Policy, she responded that, "This RDP quote is for Builder’s Risk. It would have to be written this way as it is not intended to be owner occupied or seasonal for your use. This is the only way we can write it as State Farm doesn’t insure homes that are being flipped otherwise."

So...the policy covers the below.

Does this look OK? Normal? I have another quote coming in - but curious how this compares to what most people are seeing. Thanks!

[Anthony Lee]

I would be concerned with a few things here.

-Is it at basic, broad, or special form. (Forgive me if it’s there... small text)
-What is the vacancy provision. E.g. what coverages if any do you loose if the property is vacant more than so many days.
-Is there a co-insurance clause? (There likely is)
-It looks more like a modified homeowners policy than an actual builders risk...

Feel free to reach offline with any situationally specific questions. I’m always happy to help.