Insurance For Rehab Properties In Illinois!!
Hello REI,
Just getting involved in Rehabs and trying to get all the proper things in place before I got and start purchasing properties. I wanted to get some suggestions on getting Rehab properties insured here in Illinois.
Any suggestions??
You need Builder's Risk... Start calling the independent agents in your local phone book till somebody knows what you're talking about. Either that, or attend your local investors association, and get some company names there...
Builder's risk is an option, but true "builder's risk" policies are designed for new construction and/or "major" rehab jobs (rule -of-thomb over 75% of the appraised value). Foremost is a great alternative to these. Find an Agent that represents them (or go to their website to find one). They have policies specifically designed for the rehab project.
Best of luck,
Tim
hhhmmmm Foremost is who I use for my Builder's Risk policies...
The Insurance Exchange in Midlothian, IL is who I use. The rates are decent and they cover almost any kind of situation.
Chris
Everyone thanks for your responds!
jm