Posted by Andrew on March 17, 2001 at 12:59:26:
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Maryland Rehabbers…I need your help! - Posted by Andrew
Posted by Andrew on March 16, 2001 at 16:09:58:
Hi All,
I’m buying a rehab property in Beltsville, MD, so I called an insurance broker to get coverage. I explained to him that it would be vacant and that I’m holding title in a trust with my corp as beneficiary. Gave him the Loss Payee and Additional Insureds info per Bronchick’s trust course.
He responded that the policy would be issued at the commercial rate (I guess that makes sense) and that rate would be…
$708 EVERY 3 MONTHS!!!
By the way, the ARV is about $165K and they would not cover theft since it will be vacant.
So please tell me, am I taking it in the shorts or is this about normal?
Thank you all!
Andrew
PS - If the cost of this policy is outrageous, I’d really appreciate it if someone can recommend an insurer for this situation. Many thanks!
Re: Maryland Rehabbers…I need your help! - Posted by Dave T
Posted by Dave T on March 18, 2001 at 11:12:08:
What are you going to do with the property?
I you are rehabbing to hold as a long term rental, then ask your insurance agent for a landlord policy with a (90 day) vacancy rider.
Re: Maryland Rehabbers…I need your help! - Posted by Frank Chin
Posted by Frank Chin on March 16, 2001 at 17:57:55:
There’s a thread under:
http://www.creonline.com/wwwboard/messages/12980.html
that talks about this. Ron(MD) does rehabs in Maryland. He’s a regular on this board.
Re: Maryland Rehabbers…I need your help! - Posted by Nate
Posted by Nate on March 16, 2001 at 22:25:28:
And to save you two emails, I’ll go ahead and post Ron’s insurance agent’s number. She has been very helpful to me when I’ve called her as well.
Kim Calhoun
Comprehensive Insurance
410-461-4434
I recently got a Zurich builders risk policy for a townhouse I’m renovating in Landover. $360 for a year. YMMV since my property’s value is somewhat lower, but you can definitely do better than the price you were quoted.
Nate