Posted by Kevin on November 18, 2000 at 24:01:49:
Funny you should ask, I never realized it was a problem until today…I was looking over a policy I got for a house I’m flipping…and it will only do 60% payout for any house vacant for over 45 days! Yes, does anyone else have an answer for this dilema?
Insuring Vacant Properties Undergoing Rehab - Posted by Donna
Posted by Donna on November 17, 2000 at 23:10:58:
First of all,I looked in the archives and none of my search attempts led me to this answer. It must be there, tho. Anyway, insuring vacant properties has been a struggle. Can anyone offer their experience and resources? Properties are in PA.
Zurich - Posted by Ron (MD)
Posted by Ron (MD) on November 18, 2000 at 07:09:39:
I pay $275-$300 for an annual builders risk policy from Zurich insurance. Their policy is specifically designed for vacant homes being remodeled. You just need to find a local, independent agent that represents them.
The policy covers my entire investment (purchase price and repairs) and my estimated profit from the deal. I’ve had a house or two that I wished would burn down.
By the way, I also have a separate liability policy that covers injury to a third party. This policy is from a different insurer.
Ron Guy
Re: Insuring Vacant Properties Undergoing Rehab - Posted by JPiper
Posted by JPiper on November 18, 2000 at 06:43:18:
Lloyds of London has a policy…you would contact them/write the policy through an insurance broker. Not cheap…depending on value it could be $400-$500 per 3months, fully earned.
JPiper
Re: Insuring Vacant Properties Undergoing Rehab - Posted by Lezlie
Posted by Lezlie on November 18, 2000 at 06:25:17:
Try to get a Builders Risk Policy. From what I understand it insures the property and any supplies you have on the property. It is usually available in 3-6 month intervals.
Re: Insuring Vacant Properties Undergoing Rehab - Posted by Jesse
Posted by Jesse on November 18, 2000 at 24:17:45:
Did u try the Fair Plan, atleast that’s what it’s known by out East? I was recently speaking to a State Farm agent who says a vacant property can be insured by the Fair Plan if 1 of 2 conditions are met, either: (1)it must be completely boarded up or (2)it must currently be under construction. I hope that helps.