Have Anyone Heard Of Rapid Advance

Comments(9)

• 
  finniganps19th October, 2007

  Call a mortgage broker or local bank that is referred to you by a friend/relative.

• 
  bgrossnickle11th October, 2007

  I usually pay about $1200 for a six month policy on a house worth anywhere from 50k to 150k.

• 
  srj197212th October, 2007

  Thanks guys,
  
  Do you find that going to your regular insurance agent is where you end up getting coverage or someone who "specializes"? Anyone aware if a person is able to select a policy of this type through an online or national source that prices many different companies?
  
  
  Thanks,
  
  Scott

• 
  norrist13th October, 2007

  Find an agency that reps AMIG, Diamond States, and/or Foremost. There are a few other cariers out there for this market, but tend to be more regional. May want to look for a referral from a local REIA group...
  [addsig]

• 
  norrist14th October, 2007

  Unfortunately for you and your peers in Florida, insurance can be a killer to REI...The "non-refundability" may not be an issue if you consistently move properties "on and off" the policy...
  [addsig]

• 
  srj197215th October, 2007

  The type of coverage just mentioned ("moving properties in and out" is what I was hoping to learn more about.
  
  Does it only make sense if there are multiple properties?
  
  
  I imagine then that the premium of X per thousand is prorated and expands and contracts per billing period depending on the assets currently "in" coverage?
  
  Scott

• 
  ryandick15th October, 2007

  I used a builders risk from Zurich on my last rehab. It cost $350 (annually) on a $75,000 policy. (Tonawanda, NY)

• 
  norrist20th October, 2007

  Property & casualty insurance is state-regulated/mandated, so that law change may be for Montana only, keep in mind...
  [addsig]

• 
  srj197225th October, 2007

  thanks for the replies.
  
  Investors_Rehab, you mentioned you get this type of coverage for all your rehabers, are you a hard money lender, an insurance broker or wholesaler?
  
  What company do you use in these circumstances?
  
  Thanks,
  
  Scott