Finding insurance while fixing up properties - Posted by Thurman

Posted by Thurman on April 26, 2006 at 11:40:18:

Thanks everyone for all the tips!

Finding insurance while fixing up properties - Posted by Thurman

Posted by Thurman on April 25, 2006 at 09:54:15:

Hi. Yes i’m new here, hope this is the right forum and not an outright solicitation.
Anyways, I buy “distressed” properties and fix them up for resell. Sometimes I have 2 going on at one time. The problem I have here in NC is finding reasonable insurance to carry in case the house burns down or some of the workers get hurt during renovation. It would be nice to find a blanket liability insurance where I could just add and delete properties without needing a seprate policy for each house. I’m not a contractor and most of the repairs are just superficial. I hope I gave enough information, any leads would be very appraciated. Thanks

Two types of policies - Posted by Clint

Posted by Clint on April 25, 2006 at 19:55:04:

Thurman,

You need most likely a GL policy on which you can add/drop houses as you buy/sell. You also need builders risk policy.

Call TIS Insurance Services, 800.329.0293, they write mine. Ask for Kevin Shires.

Re: Finding insurance while fixing up properties - Posted by Thurman

Posted by Thurman on April 25, 2006 at 19:35:15:

Hi Thurman:

I understand your situation. I got a call today from the insurance agent for a fixer upper my brother and I bought in Feb. She was upset that she didn’t know the house was vacant and cancelled our insurance effective the date of closing. She told me their company could write a policy for a vacant property and the 3 month charge was almost as high as the one year premium. I just called another insurance company today, told them it was vacant and got a policy for a year at a reasonable price.

Check with other agents.

Good luck.
Nancy(NC)

Re: Finding insurance while fixing up properties - Posted by Jack

Posted by Jack on April 25, 2006 at 16:41:25:

Zurich Ins does a rehabber’s policy on each individual house and a liability policy which you can add to or delete.

Re: Finding insurance while fixing up properties - Posted by dutch

Posted by dutch on April 25, 2006 at 12:12:33:

No blanket insurance available on property. Each property must be insured seperately. that said, I prefer Farmers/Foremost for my properties. Call your local Farmers agent and explain what you do and what you want/need. Get quotes. then shop it.

Dutch
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