insurance for a flip home

[Jim Ruckel]

Hi!

Just bought our first flip home....needless to say, it was a challenge to find home owners insurance. We are paying almost $1600.00/year for coverage for a 1600 sq ft 3BR/2BA slab ranch. Hopefully we will have it flipped and sold in 3-4 mos and will only pay about 30 - 40% of that amount. The insurance company insists on insuring it for a replacement value of $160K even though we paid $37K for the home and hope to sell it for $80K when complete (current after repairs retail market value)

Any suggestions on how to deal with this exorbitant expense? Any suggestions on who to call for cheaper rates in Fort Wayne IN?

Thx so much!

Jim