Insurance needed for a buy and hold

[Fahima Hilal]

Hi, 

We have bought a property in Newark and almost done with the rehab. I need to get it insured but having a hard time finding insurers for vacant properties. Any recommendations please? 

[Chris Mason]

Originally posted by @Fahima Hilal:

Hi, 

We have bought a property in Newark and almost done with the rehab. I need to get it insured but having a hard time finding insurers for vacant properties. Any recommendations please? 

 Insurance broker. And don't be too surprised if it ends up being a little expensive, as well as with the insurance carrier that insured Beyonce's rear... Lloyds of London. 

[Fahima Hilal]

I dont follow what you are saying 

[Ray Reed]

Call Insurance Associates Plus in Union.  ask for Bela or Michelle 

[Ray Reed]

If you have gone more than 30 days without insurance, you will have to go with the state or a more expensive plan.  from what I understand, once you close on a property in NJ you have 30 days to get it insured. 

[Fahima Hilal]

Thank you for your clear response Ray . I had it insured but it was too expensive 

@Ray Reed

[Kevin Hoag]

Hey @Fahima Hilal,

There are several companies that I can think of that will insure a vacant property. Foremost is my preferred carrier and they will take vacant properties all day long. I have done several rehabs with them as the Carrier. Also you can look into Us Assure (builders risk nationally )and AU Gold(Lessors Risk, Builders Risk and Vacant properties Except in NY) those two companies specialize insuring vacant/rehab homes. Your best bet is to contact a Farmers agent as they will have access to all 3 of those companies. Best of luck.

[Fahima Hilal]

Thank you Kevin 

@Kevin Hoag

[Allan Szlafrok]

I have a broker if you wanna pm me