Is CGL insurance plus regular casualty insurance enough?

[Nick Brubaker]

Hello all,

I am currently under contract to purchase my first investment property (a flip).  I'm looking into what insurance I will be needing.  I was told that if I get regular casualty insurance (damage to the property) and Commercial General Liability insurance I will be good to go.  Is that correct?  If so, do any of you have recommendations for good insurance providers here in Georgia?  

[Jeff B.]

For a Buy & Hold, I would suggest an Umbrella policy, 2-5Mil, depending upon number of doors.  A Landlord Policy typically provides 1Mill liability.  With a flip, your exposure is of short duration, so probabilities or risk are on your side.