Who do y'all use and what type of insurance are you taking out when flipping properties.

I am looking for something short term 2-3 months

Why not just buy a year and get a refund after you sell and close? I use a brokerage that shops insurance each yr for best deal, but I don't do flips. Serna Insurance

Typical policy is a builder's risk policy and they're usually a paid in full premium (no refund). There are 6 and 12 month options. There might be 3 month options somewhere out there but I'm not certain.

What are these costing? I've just been doing a standard policy and canceling when the time comes.

You should really check your policies, standard policies typically do not cover vacant or course of construction properties without at least some endorsement.

Not cheap but the proper coverage on a flip.

Just backing up what East Dallas Ag and jmazz said, I would look into this asap. Typically, you will have a Builder's Risk policy for the specific property, and ideally a general liability policy that could cover your portfolio.

There is also something called a reporting form that I use for one of my clients that does flips. Granted it really only makes sense if you have multiple properties going at a time (he generally has 45-60) but it covers all rehabs including foundation work and is less expensive than a builder's risk with fewer holes. It's a good option if you have multiple properties going at one time because you don't have to pay a 6 month or year long policy. It is a month to month deal based on how many properties are actually owned and under renovation. When one is done and sold, it falls off, and when a new one it purchased, it is added.

With that many properties, why does he have insurance at all, other than an umbrella-type liability policy?

Lender requirements.

HouseDivided06 said:

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Lender requirements.

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Ha. Like when I pay cash for a car, and they still make me fill our paperwork for an hour.

I do several flips a year and my aggie insurance agent specializes in investor insurance, it's all he does. Email me at Dan@acerealtytexas.com

94chem said:

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With that many properties, why does he have insurance at all, other than an umbrella-type liability policy?

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I believe these policies are typically designed to work with some underlying liability coverage stepping in once those policy limits are exhausted or you would have to provide support of financial ability to self insure claims up to certain point. I'm also thinking you would maybe need to back up your financial wherewith all with letters of credit or similar financial assurances for this umbrella carriers.

Insurance Broker here. As someone mentioned above, Builders Risk policy is most likely what you will need and they typically are a minimum of 6 months with no prorated refund. I THINK I remember a Farmers agent friend has told me before that they have month to month builders risk policies, which would likely be ideal for you. If you look up Kelly Harris farmers insurance (Dallas), she does a good job and is honest. I'm sure someone on here can point you to an Aggie Farmers agent as well.

I use these guys for flips and rentals. Month to month charges, setup and cancel whenever you want.
https://nreig.com