Need An Insurance Company Name For Property In MD
2 questions: 1)Requesting name of an insurance company for a forclosed property which i recently bought in a trustee sale for purposes of flipping. 2)I called Gieco Direct insurance company. They quoted $400/month if property is vacant and $400/year if intention is to rent it out (property market value $140,000). Please provide tips for dealing with any insurance company to obtain better rates.
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Foremost Insurance...
What do you mean by "flipping"?
If you are going to rehab it to sell to homeowner then you can get a builders risk policy for a yearly fee. Mine was $350 for a $75K house.
If you are selling to another investor then you don't need insurance because you won't be holding it.
An unsold dwelling policy is very pricy. You may consider a builders risk policy if you are fixing the place up to sell.
Foremost has a contract specifically for vacant and rehab scenarios. The "builder's risk" is inherently just that: a policy for a builder. It may be the only option, however, depending on project size and time-frame.