Vacant Property Insurance?
If buying and rehabbing a vacant house for resale once completed, would you obtain vacant property insurance?
What other things should I plan for other then the rehabb costs, title search, etc, that I may have overlooked?
TIA
Erik
You would need the vacant policy for the liability exposure (though there are umbrella policies that may extend to the vacant property as well). You also need it for the property itself (fire, vandalism, wind, etc...). Florida is a tough place to get it, though. The further inland the property, the more opportunities you"ll have to obtain/shop for it. I do not think Foremost operates in FL, but it's worth a check (I think it's www.foremostinsurance.com). If no luck there, check your local REIA group(s) for an Agent that understands REI. Good luck.
I obtain full coverage insurance to take in affect at time of closing even if I don't plan on startingthat project immediately. I keep it until the property is sold and I get my check.
Lori
[addsig]
In Florida we have Forida Insurance
The number is 407-896-3323
The rate for remodelers is .45