Insurance for a Flip?!

[Vanessa Ryder]

Hey guys.. About to go into escrow on a flip in Los Angeles. I will create an LLC. Would really appreciate any recommendations on good insurance carriers anyone has worked with for flips and what kind of insurance I should get.. Liability? Builders Risk? (Or is this on my contractor?) What kind of Property Insurance? - Vacant? - Construction? Any help/ suggestions MUCH appreciated! 🙏🙏

[Kris Rasmussen]

Hey Vanessa,

I'm halfway through my 2nd flip in NJ.  For insurance I went to a local insurance broker and got a vacant property insurance policy.  Cost was $1,700 for 6 months and covers the house for damages (house is worth $290K) as well as $1MM of liability insurance and $100K of vandalism and malicious mischief insurance.

Hope this helps and good luck with the flip.

Kris