Property insurance on a flip

[Stefania Booth]

Need some direction on getting property insurance on a flip. We tried through USAA and they couldn't do it. How do I go about getting insurance on a home that needs rehabbing that is vacant? Do I just call around? We are in Tampa, FL. Any help would be greatly appreciated. Thanks - Stef

[John Mocker]

Stefania,

The normal policy we use for a flip as you described is a Renovation Builders Risk policy.  It covers the existing structure on one limit and the renovations on a separate limit.  Some companies can also include the Liability while others do not (and you would have to get separate coverage for that.  

Look for an Independent agent that represents multiple carriers.  One who deals with contractors or builders should be knowledgeable on Builders Risk policies.  

Good luck on the  project.

[Michael Haynes]

Hello Stephanie Booth, try with Brier Grieves on South Henderson in Tampa. I have been with them for 30 years. https://www.briergrievesinsura...

[Salvatore Lentini]

@Stefania Booth - call around or do what @John Mocker said and find an agent that works with multiple carriers.  I never had a problem finding insurance for my flips.  Don't base your concerns over one insurance company.  Good luck.

[Stefania Booth]

@Michael HaynesThere’s no number to call. Do you have a number for them?

[Michael Haynes]

Stefania Booth, your in Lithia? I just paid Cash for a really nice, 3/3 Townhome in Summergate in Valrico after a six month Search. For Insurance call Desiree Menendez at Brier Grieves. 3617 Henderson Blvd. Tampa 33609. (813) 876 4166

[Brandon M.]

I have someone as well I would be willing to share contact info for, I use him for all of my builder's risk policies on all my flips. It is typically $600-700 for a 6 month policy for a typical $250k-300k ARV house (it excludes damage from a named storm). Feel free to reach out for his info.

[Stefania Booth]

@Brandon M. I’d love to get that info from you Brandon. Thanks.

[Stefania Booth]

Thank you all for the info.