Flipping- Insurance Policy?
I've built a few spec homes and have sold them while under still under builders risk insurance. Does anyone have advice on what to do when flipping existing properties with the occupancy vacancy which occurs during the (hopefully short) flip? Since there is usually no lenders involved in my transactions I'm on my own as far as insurance goes. Many insurance agents I've found frown upon writing dwelling only policies because they know I'll cancel insurance prior to receiving the first bill due to selling the property and besides that they don't make any comish on the policy. I can't blame them everyone need to make a buck. They will do a $300 up front for a 6 month policy, but if you only have they policy in effect for a week your out the full $300.
I know many of you say that $300 is a small price to pay to cover my interests and your right but is there another avenue to explore? I'm tired of not sleeping well at night.
Thanks
In our area(s) Foremost has a policy specifically for this We use it frequently. Good company, fair rates, etc... Not all Agents know about it, or use them.
In Florida, though, your dilemma is tougher with wind coverage, etc... Maybe try an Agent that writes Zurich. Any way you go, carry a high ($2500 plus) deductible since you only need it a few months...PM me if you would like specific info. Hope this helps you...