House Flipping Insurance Coverage
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House Flipping Insurance Coverage
Flipping houses can be a rewarding and profitable endeavor, but it's not without potential dangers like property damage, theft, and liability. House Flipping Insurance gives you specialized coverage for these dangers, protecting you against the unique risks of buying, renovating, and selling properties.
What is House Flipping Insurance?
House Flipping Insurance are different types of insurance policies that cover real estate investors during the short term ownership of a property intended for renovation and resale. Standard homeowners insurance doesn’t cover the risks of properties under renovation or being prepared for sale.
Why Do I Need House Flipping Coverage?
Flipping a house exposes you to risks that regular homeowners don’t. Renovations increase the chances of accidents, theft, or machinery mishaps.
Without adequate coverage, a single accident or incident can turn a profitable flip into a financial disaster. House Flipping Insurance protects your investment from these unexpected events so you’re not left to pay out of pocket.
House Flipping Insurance Types
When flipping homes, selecting the right insurance coverage is crucial to protect against various risks associated with property renovations and vacancies.
Builder’s Risk Insurance
- Builder’s Risk Insurance protects your property during the construction and renovation process. It covers damages from fire, vandalism, theft, and certain weather events while the home is under construction.
Dwelling Insurance
- This policy is similar to standard homeowners insurance but is designed for properties that aren’t currently lived in. It covers the structure against damage from fire, storms, and vandalism. Dwelling Insurance is ideal for properties that are vacant while being prepared for sale.
Vacant Home Insurance
- If your flip property will remain unoccupied for an extended period, Vacant Home Insurance offers protection against risks like vandalism, weather damage, and specific types of water damage.
General Liability Umbrella Policy
- This type of policy provides additional liability coverage beyond what standard policies offer. If a contractor or worker is injured on the property or if there’s damage to neighboring properties, this policy covers the associated costs, ensuring you don’t have to pay out of pocket for large claims.
How Much Coverage Do I Need?
The amount of coverage you need will depend on the scope of your project. Size of the property, extent of renovations, and duration of property vacancy will all impact the amount of coverage required.
It's important to consider the replacement cost value, which determines the amount of money required to replace a damaged or destroyed home in today's market.
Basic Form Coverage: It covers named perils like fire, lightning, and windstorms. It’s more limited and suitable for smaller-scale renovations with less risk.
Special Form Coverage: It covers all perils except those specifically excluded in the policy. This is for larger, more complex flip projects with a higher risk of unexpected events.
House Flipping Insurance Costs
If you want to get an exact cost, we recommend you get in touch with our agents, who will be able to assess your coverage needs and find you the best insurance.
Get House Flipping Insurance Quotes
If you want to get an exact cost for House Flipping Insurance, we encourage you to get quotes now from our experienced agents.
Our experienced agents are well versed in house flipping projects and what coverage is needed. After understanding your construction project, our agents can usually reduce policy prices through additional discounts of 10% to 15% from the instant quotes you receive.
We provide the finest comprehensive plans for your business by providing:
- Knowledgeable, licensed insurance agents
- Same-day coverage in most instances
- Coverage from A-rated insurance companies
- Ability to offer policies nationwide
- The lowest price for the best Insurance coverage in the industry
