Insurance for Full Rehabs / Flips

[Harman N.]

Hi all,

What kind of insurance policy do you get while you're doing a complete rehab on an unoccupied property? I just bought a duplex in Ohio that is vacant (uninhabitable) which I'm going to be rehabbing, and State Farm said they are not able to insure it until the rehab is almost complete. They passed me onto something called the Ohio Fair Plan, an insurance of last resort. 

Wondering what other rehabbers / flippers do? 

- Harman 

[Jeremy Goodrich]

State Farm sending you to the FAIR plan is concerning. That's an attempt to avoid you finding an agent that can properly handle you investment property needs. You should reach out to an independent insurance agent at minimum. One way to do that is Google "Indepenedent Insurance Agent [your town]". Look at reviews and the website then reach out. An even better thing to do is find an independent agent who specializes in REI. We are going to have access to programs like Jason mentioned and many others. You're looking for a vacant under renovation policy.