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.
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.