I am having difficulty finding cost-effective alternatives for properties that I am rehabbing. What have you found that works for rehabs in that project to take 2-4 months before sale/closing?
As an Insurance Agent, I would recomend you continue with the Builders Risk. I dont know of any policy that would not be fully earned. Some surplus line companies (you must purchase from a broker) can get you a policy for a specified period of time. However, they are usually just as expensive.
If you dabble in Rehabs or any purchases that leave your assets open based on aquired risk, I would recomend the purchase of an Umbrella policy to blanket your household. Meaning your personal assets as well as any investments. The umbrella would be there for liability purposes only so it behoves you to cover everything. In the event that there was litigation against you on a investment property and you filed a claim it would be on your history report no matter the reason or what home it was filed under. Umbrellas are a good inexpensive way to protect your assets! Highly recomended......I hope this was helpfull.
Call an Insurance Broker in your area. Brokers have access to many different companies that will supply a policy for different needs. Calling the Insurance company directly will limit your options. Your agent should already be affiliated with the Surplus lines carriers and should know which one would best suit your needs......
What are you asking? Are you looking for alternate properties other than rehabs? What are you trying to accomplish?
No. I like rehabs, but I am being forced into builders risk insurance while doing the rehab which is quite expensive.
As an Insurance Agent, I would recomend you continue with the Builders Risk. I dont know of any policy that would not be fully earned. Some surplus line companies (you must purchase from a broker) can get you a policy for a specified period of time. However, they are usually just as expensive.
If you dabble in Rehabs or any purchases that leave your assets open based on aquired risk, I would recomend the purchase of an Umbrella policy to blanket your household. Meaning your personal assets as well as any investments. The umbrella would be there for liability purposes only so it behoves you to cover everything. In the event that there was litigation against you on a investment property and you filed a claim it would be on your history report no matter the reason or what home it was filed under. Umbrellas are a good inexpensive way to protect your assets! Highly recomended......I hope this was helpfull.
Call an Insurance Broker in your area. Brokers have access to many different companies that will supply a policy for different needs. Calling the Insurance company directly will limit your options. Your agent should already be affiliated with the Surplus lines carriers and should know which one would best suit your needs......
You could also check with the local REIA-type groups for an Agent or Broker that is familiar with REI...